Figtree

Figtree: FY13 net profit accelerated 126.5% to $8.6m, on 70% revenue spike to $101.8m. The better topline came from two major projects with Tech-Link Storage Engineering and Seo Eng Joo Frozen Food, awarded in Apr and May '12, partially offset by a project completion with Second Development. Gross profit margin grew 4.6ppts to 14.2% on better efficiency, which covered the increase in admin expenses (+184%) from the group's listing and higher headcount to support the group's activities. Going forward, Figtree continues to explore and negotiate new potential industrial design and build projects, as well as development opportunities in Singapore, China and the region. The group’s order book stood at $249.7m, a significant increase from $91.9m since its IPO in Oct'13. Figtree declared a first and final dividend of 1.2¢. At $0.33, Figtree trades at 10.6x trailing P/E and 3.9x P/B.