UIC

UIC: 1Q11 figures not as rosy as 77% owned subsidiary, SingLand.
Net profit -21% yoy at $46.9m, as revenue tanked 23% to $196m from a restated $253m.
Topline was hit by the fewer sales of trading properties this quarter compared to last year. Between Jan – Apr ‘10, UIC completed One Amber, Grand Duchess and Tianjin Jun Long Square. As a result, turnover from properties held for sale declined 53% to $62.5m...

Where revenue contributions improved were from its hotel operations (Westin Tianjin Hotel and Pan Pac Spore), which increased from $26.5m to $32.8m.
Stock trades at 1x P/B.
Pre-results, DBSV has a Fully Valued rating with $2.38 TP.