Keppel T&T

Keppel T&T: 3Q11 results.
Revenue was flat yoy at $28.1m, as higher revenue from the Data Centre Division was offset by lower revenue from the Investments and Logistics divisions due to the disposal of non-core businesses and redevelopment of an existing warehouse.
Operating profit rose 36% to $4.2m, due mainly to higher contribution from the Data Centre division.
Net profit was up 127% to $35.6m, thanks mainly to a $22.3m after-tax gain on exceptional items (disposal of an associated co, Wuhu Annto Logistics).
The Group will work towards maintaining high warehouse occupancy in China and SE Asia. It will continue its efforts in expanding its logistics business with the completion of a new warehouse in China and the redevelopment of an existing warehouse in Spore. It is expanding its capacity for data centre services and continues to search for data centre assets for invmt.
NAV/sh rose 11% to $0.69, translating to a P/B of 1.8x based on last close at $1.21.
Excluding exceptional items, 9M11 EPS was 8.1cts, which translates to an annualized 11.2x P/E.