Tuan Sing

Tuan Sing: Posted a very strong set of 4Q results. (No Coverage on counter). Rev at $112m, +56% yoy and net profit at $79.m, +214% yoy. Result brings FY12 rev to $371.8m, +55% yoy and net profit to $109.5m, +172% yoy, which also included a fair value gain of $67.7m on investment properties. Profit before tax and fairvalue adjustments was +129% yoy at $56.2m. Property rev was +365% to $188.3m, driven by sales from grp’s Mont Timah and Seletar Park Residence in Singapore and Lakeside Ville Phase III in China, inclusive of the fair value gain of $72.0m, Property contributed approximately 85% of the Group’s total profit for the year. Hotels Investment Grand Hyatt Melbourne and Hyatt Regency Perth registered a combined 13% growth in RevPar, as GHG reported a full year 10% increase in NPI to A$44.1m, but profit after tax of A$3.6m was lower than last year due largely to a net fair value loss recorded. In grp’s other Investments GulTech recorded a 13% increase in rev to US$267.2m and a 62% increase in net profit attributable to shareholders to US$25.1m. This was driven by growth in the disk-drive, networking and consumer electronics sectors, improved margin and better sales mix, as well as a concessionary corporate tax rate granted recently by the local government to its Wuxi plant. Going forward, grp note that 2013 is expected to be a challenging year particularly for the dev property business. In SG, Grp will continue marketing its remaining units at Seletar Park Residence and plans to launch Sennett Residence in first quarter 2013 and Cluny Park Residence this yr. Overall, barring unforeseen circumstances, the Group is cautiously optimistic of achieving satisfactory operational performance before fair value adjustments for the year 2013 Grp trades at just 0.6x P/B and has declared a final dividend of 0.5c per share.