Sin Heng

Sin Heng: Revenue up 32% y/y for 1H13 to $84m, profit increasing by 51% y/y to $6.3m. The increase in total revenue were due to increase in both rental and trading revenue. On equipment rental, expanded fleet size in the Group and the improvement in rental rates was the contributing factor. On trading revenue, it was mainly due to higher volume of cranes as a result of strong demand in the regional markets. Going forward, mgmt is cautiously optimistic that the key markets remain encouraging. Dividend of 0.35 cents/ share was declared (vs previous 0.45 cents/ share in 1H12). Company trading at 10.8x P/E, 1.3x P/B.