Bukit Sembawang

Bukit Sembawang: 2QFY14 net profit tumbled 33% y/y to $23.4m, in line with a 29% slip in revenue to $87.8m. This was mainly due to lower profit recognition on development projects. 1HFY14 earnings grew 14% to $74.5m and revenue rose 9% to $249.4m. Group expects demand in the private residential market to dampen following successive cooling measures by the government, which will negatively impact its sales performance going forward. Bukit Sembawang trades at a 32% premium to its NAV of $4.62 (+3%).