ARA

ARA: Slightly better than expected FY2010 results with 4Q rev at $41.7m +55.1%yoy with net profit of $25.7 +82.9% Full yr rev was $84.6m +26.1%yoy and profit at $63.8m +32.0%yoy. Results were boosted by the $15m acq fee from Suntec for 1/3 MBFC and acq of ARA Dragon Fund. Mgmt fees rose 26.1%yoy due to inclusion of Cache Logistic Trust…

Staff expenses grew to $30.8m from $21.9m in 09 from Cache and APM. AUM grew 30% to $16.9b. Refinancing of a revolving line ($18.9m in borrowings) due in May 2011 which should pose no problems. Dividend of 2.5c declared, yield of 1.5% to last close. ARA expects to launch ADF II this year and first close to happen by end of 2Q11. Macq maintains Outperform with TP$1.80.