TuanSing: Rev at 1Q was $61.7m +49.0%yoy with profit at $5.5m +171.3%yoy. Strong results were due to increase from industrial services +39% to $53.7m and property sales from $2.9m to $8.1m this quarter. Property contributed $2.4m approx 42% of co’s net profit this quarter and was mainly due to rental from Robinson Towers and Intl Factors Building...
Due to accounting restatements, current annualized P/E at 19.0x from prev 8.0x, however restated rev from property sales will be recognized at a later period. NAV improved by 0.3c to 49.5c and trades at P/B of 0.77x with no news on its possible revaluation gains yet.
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