Fragrance

Fragrance: 4QFY13 net profit spiked 288% to y/y $133.7m primarily attributable to fair value gain of $102.5m. Meanwhile, revenue improved 34% to $136.4m on the back of higher property sales (+40.7%) of $121.5m which comprised maiden revenue contribution from Kensington Square (60% JV), as well as progressive recognition of Parc Rosewood, Novena Regency, Wak Hassan, Suites @ Bukit Timah, Le Regal and Urban Vista. Its hotel segment declined 1.4% to $15.0m due to a decrease in average occupancy rate (91.4% to 88.3%) and revenue per available room (from $97.5 to $92.3). NAV of $0.18. Group proposed final dividend of 0.4cts/share, 220% above last year's 0.125cts/share.