Heeton Holdings

Heeton Holdings: 4Q13 net profit dived 85% y/y to $6.1m, while revenue deteriorated 44% to $13.2m. This brings FY13 earnings to $18.4m (-65%) and revenue to $60.4m (+15%), on the back of higher contribution from residential projects- Lincoln Suites and the Britton in London. Bottomline for the year was mainly boosted by increased share of profits from associates (+2568%) due to higher dividend income, forfeiture of deposit, increased progressive profit recognition from The Boutiq, revaluation gain on 223 Mountbatten and a gain from asset disposal. This was partially offset by lower fair value gain (-88%) at the group level. Group declared first and final dividend of 1.3¢/share, equivalent to last year. At $0.64, Heeton trades at 8.3x trailing P/E and 0.57x P/B.