Lian Beng: Has granted option to purchase to TAS Services for 18 New Industrial Rd in Sg. The sale price is $32.5m and a deposit of 1% has been paid by TAS. Est net gain from transaction is $6.0m. Reports strong 9M end Feb 2011 results of rev $379.9m +58.0%yoy and net profit of $36.6m +110.7%yoy…
Strong rev growth was due to higher rev recognition with construction segment contributing 85%. Other operating income included a $5.0m gain on sale of investment property in Suntec City Tower 1. As of 28 Feb co's order book was at $661m with activities till FY2013. Despite run-up after DMG report last wk, at EPS of 6.91c, annualized P/E is 3.9x.
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