Tuan Sing

Tuan Sing: 1Q rev at $72.0m +16.6% yoy -0.4% qoq with net profit at $8.4m 47.7% yoy. Increase was mainly from higher development property sales in Sg. More units were sold in Botanika and Mont Timah although costs increased due to showflat and mkting expenses from Seletar Park Residence launch. Rev from its 50% owned Australia hotels also increased to A$32.4m with net profit of A$2.2m much higher than prev yr’s A$0.1m. Co trades at approx 0.6x P/B