TEE Land

TEE Land: FYMay13 results. Revenue at $29.7m, +275%, mainly due to revenue recognized from the group’s devt at 448@East Coast upon obtaining TOP and revenue recognized from other devts at Peak @ Cairnhill 1 and 91 Marshall. Net profit however, grew at a slower 32% to $2.0m, dragged by more rapid growth in cost of sales (+457% to $24.2m), higher admin/marketing expenses occurred in launching new devt projects (+110% to $5.4m) and bogged by one-off IPO related expenses of $1.5m. Mgt has proposed a final div of 1ct. Going forward, mgt remains cautious in view of the recent cooling measures introduced in Singapore, but continues to see growth opportunities in the Asean region. The group has contracted sales of $77.7m for its on-going residential property projects in Singapore (excl JV projects) and the group’s associates have also contracted sales of ~$22.2m in Thailand for its on-going residential property devt projects. The group has further signed an MOU to explore opportunities in industrial estate devt in Thailand. The stock trades at 1.55x P/B.