Guocoland

Guocoland: 3Q results below expectations, with rev at $96.0m -10.7%yoy, -41.0%qoq and net profit $2.0m -78.7%yoy, -63.0%qoq. Lower contribution from dev projects in China weighed on topline revenue and rising administrative costs from China operations (+53.4%yoy, +16.0%qoq). Future outlook remains challenging and housing statistics in 1Q suggest Sg property mkt continues to cool. Co trades currently at P/B of 1.1x vs hist avg of 1.3x