Bukit Sembawang

Bukit Sembawang: 4Q11 core net profit of $14.4m came in below expectations due to higher-than-expected cost of sales. Positives however came from higher final div of 12c (3% yield), reduction in net gearing and management’s guidance of launches of Luxus Hills Phase 5 and Fairways in FY12. CIMB maintains O/p and $5.86 TP.