Lian Beng: 9M Rev at $333.7m -12.2% yoy with net profit at $40.6m +10.7% yoy. 9M net profit was higher partly due to the gain of an investment property at New Industrial Rd of $7.9m vs same period last yr which also saw gains from selling a commercial unit in Suntec. Construction segment remained the key driver contributing approx 75% of its revenue and the decrease in rev was due to lower construction work recognized.
Co remains cautiously optimistic of the outlook on the construction industry and highlights its plans to carve out its ready-mix concrete and engrg business for a spin-off and proposed listing in Taiwan.
Co's orderbook currently stands at $742m. Co is currently trading at 1.0x P/B and annualized P/E of 4.0x.
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