Hiap Hoe

Hiap Hoe: 2Q13 earnings jumped 75.9% to $29.3m with revenue rise of 87% to $80.3m due to higher progressive revenue recognition from Waterscape at Cavenagh and sales of units from Signature at Lewis and Skyline 360 totalling $73.2m. Days Hotel Singapore and Ramada Singapore are fully operational since 31 Dec 2012 and 18 May 2013. Its Zhongshan Mall and office towers obtained inauguration in May and Jun and achieved 91% and 60% occupancy rate respectively. Interim dividend of 1.2¢ announced, compared to 0.5¢ in the previous corresponding period. Group recently announced its maiden foray into Australia’s property development market with a $33.6m purchase of a 3,795 sqm freehold land site at 6 – 22 Pearl River Road, in the broader Docklands precinct of Melbourne, Australia. Hiap Hoe trades at an undemanding 5.2x trailing P/E. Group's corporate developments suggest its push toward building up its recurring income stream is coming to fruition, through the acquisition of its 14.9% stake in Ley Choon and the expansion of its hospitality business.