UIC

UIC: Given 76.5% owned SingLand results, 2010 results were also boosted by revaluations. full yr 2010 rev dipped by 4% to $972.0m but net profit rose to $703.0m compared to a loss of $142.8m prev in 09. Operating profit rose 1.5% to $402.3m over 2009...

Revaluation gains on property was a positive $691.0m compared to a loss of $658.5m in prev yr. The slight fall in rev was explained by the completion of residential projects of Tianjin Jun Long Square, One Amber, Grand Duchess and Northwood. Of note, UIC Building was valued at $659m in Dec 2010 up 62.7% from $405m in Dec 09. A div of 3.0c has been declared same as 09. UIC, with NAV of $2.71, is trading at P/B of 1.0x.