Stock Name: Tuan Sing
Company Name: TUAN SING HOLDINGS LIMITED
Research House: Kim Eng
Kim Eng Research in an Apr 29 research report says: "Tuan Sing (TSH) reported 1Q11 revenue of $61.7 million, accounting for 15% of our full-year estimate. Revenue rose by 49% y-o-y in as a result of the restated revenue of $41.1 million due to higher revenue from property and industrial services.
"Industrial services contributed the bulk of the revenue. Although property revenue made up only $8 million of the topline this quarter, we expect contributions to increase in the coming quarters with the official launch and sale of units at Mont Timah. First-quarter net profit stood at $5.5 million.
"The potential redevelopment of Robinson Tower and International Factors Building remains the strongest catalyst for a stock re-rating. Target price of 63 cents, pegged at a 15% discount to its RNAV of 74 cents. MAINTAIN BUY."
Company Name: TUAN SING HOLDINGS LIMITED
Research House: Kim Eng
Kim Eng Research in an Apr 29 research report says: "Tuan Sing (TSH) reported 1Q11 revenue of $61.7 million, accounting for 15% of our full-year estimate. Revenue rose by 49% y-o-y in as a result of the restated revenue of $41.1 million due to higher revenue from property and industrial services.
"Industrial services contributed the bulk of the revenue. Although property revenue made up only $8 million of the topline this quarter, we expect contributions to increase in the coming quarters with the official launch and sale of units at Mont Timah. First-quarter net profit stood at $5.5 million.
"The potential redevelopment of Robinson Tower and International Factors Building remains the strongest catalyst for a stock re-rating. Target price of 63 cents, pegged at a 15% discount to its RNAV of 74 cents. MAINTAIN BUY."
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