Perennial Real Estate (S$0.915) 1Q16 earnings shored up by revaluation gains
-1Q net profit $8.5m (+148%) - boosted by fair value gains of $7.5m
-1Q revenue $29.5m (+9%) - from stronger project mgmt business (+29%) and China operations (+19%). Singapore weakened (-5%).
-Outlook for Spore to remain stable but cautious on China
-Trading at 0.54x P/B
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