TEE Land

TEE Land: 1QFY15 net profit soared 367% y/y to $2.7m, while revenue fell 52.6% to $6.4m, mainly because 91 Marshall was completed in the 4QFY14. Gross margins improved by 16ppt to 28%, and was mainly due to higher revenue recognized from Aura 83, The Peak @ Cairnhill 1, and rental income from Workotel. Bottom line was also boosted by a doubling of associates’ contributions to $2.4m. The property market in Singapore is expected to remain muted and challenging, whilst that in Malaysia is expected to slow down, following anti-speculative measures implemented. In Thailand, demand has gradually returned to the property market with more launches and higher take up rates, whilst that in Australia/NZ should remain stable. Net asset value as at 31 Aug stood at 33.7¢, translating to 0.9x P/B