Wee Hur

Wee Hur: 1Q14 net profit increased 305% to $7.1m while revenue increased 49.5% to $77.9m on higher contributions from residential development projects, particularly the fully sold Parc Centros. Gross margins increased from 8% to 20.3%, which boosted bottom line performance. Tuas View Dorm is expected to complete in 2H2014. Orderbook as at 1Q14 was $381.4m Aside from Parc Centros, the industrial development Premier @Kaki Bukit and residential development Urban Residences are also fully sold. Management guides that cooling measures should pose little impact as a result of the few unsold projects. Wee Hur trades at P/B of 1.4x