Tee International

Tee International released its FY12 results 2 days ago on 24 July12. FY12 earnings came in at $19.1m, slightly above estimate. Rev was however lower mainly due to the completion of larger projects at the end of FY11. Currently, grp has an outstanding order book ofS$213.5m, which is set to grow, as real estate sales continue to gain momentum despite the Additional Buyer Stamp Duty (ABSD). TEE also announced a final dividend of 1.25c and special div of 0.5c, bringing its full year payout to 2.35c (or 10.4% yield). Sias Research maintained its increase exposure with an intrinsic value of $0.45.