Sim Lian

Sim Lian: 3QFY14 revenue and net profit both halved y/y to $96.5m and $17.1m, respectively, mainly driven by the 67% slump in property development segment, after TOP was received for the Waterview development project in Jan '14, partially offset by revenue contribution from Parc Vera, which is at the peak of the construction cycle. The construction division grew 15% due to an increase in percentage of work done. The group’s recently proposed acquisition of five investment grade neighbourhood shopping centres in Australia is expected to generate a stable base of recurring income going into FY15. NAV/share of $0.92.