Tuan Sing: Strong set of FY results with 53% rise in full yr net profit at $68.2m mainly due to revaluation of key property assets and rev rising 24% to $274.0m. Notably, this quarter’s profit of $41.2m was largely due to revaluation gains of $28.1m. Property segment dipped slightly to $91.6m -12%yoy due to divestment of Katong Mall and Harrison Ind Building...
Remaining segments were positive, both Grand Hyatt hotels in Aus with higher occupancies and Industrial Services improving on back of commodity demands. Despite revaluation, co sees gain in Robinson Towers citing possible current plot ratio being raised from 9 to 13.8x, likely to be redev in 2013-14. Co expects to launch its 32-cluster home Mont Timah resi property in 1H11 and complete sales of Shanghai’s Lake View properties this yr…
Both Seletar Rd and Serene House will likely begin dev this year. Dividend of 0.4c per share declared compared to 0.3c in prev yr. NAV rose to 49.2c from 45.2c prev quarter and P/B is currently at 0.63x post-results, prev at 0.69x
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