Raffles Education

Raffles Education: 3QFY14 net profit spiked 67% y/y to $25m, while revenue remained steady at $31.7m. Bottom line was boosted by a $46.1m gain on divestment of investment properties in Oriental University City, Langfang Development Zone in Langfang City, Hebei, China. Group reckons college revenue in China has stabilized and continues to see positive outcomes from its transformational strategies. NAV of $0.55/sh.