NSL

NSL: FY13 net profit spiked 218% to $148.6m following a net gain of $121.7m from the sale of Bangkok Synthetics in Nov'13, NSL's 22.83% petrochemical associate in Thailand. Otherwise, NSL pretax profit gained 13% to $27.2m, on the back of higher sales volume and revenue from its precast operations in Singapore and the regional dry mix business under construction products division, as well as higher spreader deliveries and improved product mix from its engineering division. Subsequently, revenue grew 21% to $507.7m. Group declared a dividend of $0.50/share, comprising a final dividend of $0.10 and special dividend of $0.40, compared to FY12's total of $0.10/share. At the last closing of $1.78, NSL trades at a 4% discount to NAV, while P/E (ex-cash) stands at 7.1x.