SingHaiyi

SingHaiyi: FY14 net profit surged 14-fold to $23.1m, mainly boosted by a $21.4m fair value gain on investment properties and $16.6m gain on bargain purchase of Tri-County Mall (TCM) in US. Meanwhile, revenue spiked more than 3-fold to $57m, on the back of higher property development income (+189%) of $46.8m, resulting from revenue recognition of Charlton Residences in Singapore and and sales of completed units in Vietnam Town, the project in US. In addition, group's rental income was boosted to $9.3m on maiden contribution from TCM. Going forward, SingHaiyi expects to see further contribution from development project, Pasir Ris One, additional sale of units at Vietnam Town, and enjoy full-year rental contribution from TCM. At $0.187, SingHaiyi trades at 1.3x P/B.