Top Global

Top Global: 2Q13 net loss of $0.6m (from $19.4m) was due to a $21.2m gain of disposal on the sale of Capitol Companies in 2Q12. Revenue surged to $4.7m (+244%) attributed to the sales from Braddell Projects (E Maison and R Maison) launched in 1H13. Group believe the local real estate segment has come under tremendous pressure from the recent property measures. Management has stated the need to venture overseas through either strategic alliances and/ or acquisitions. Net gearing was slightly lowered to 1.03x from 1.06x. At the current price of 0.9¢, Top Global trades at 0.75x P/B.