Stock Name: Sp Land
Company Name: SINGAPORE LAND LIMITED
AmFraser Research in an Apr 30 research report says: "Net profit reported by SingLand rose 14% y-o-y to $55 million for 1QFY12. Results met 37% of our FY2012F forecast and 26% of consensus estimates.
"It was mainly attributable to significantly higher progressive revenue recognition from its development properties. Both new units sold and higher percentage of completion of The Trizon project coupled with increasing revenue from Pan Pacific hotel contributed to the 42% surge in revenue.
"We are seeing the effect of negative rental reversions on SingLand’s older buildings. Gross rental income fell circa 1% whilst operating expenses hiked 5% in 1QFY12. We have obtained an RNAV estimate of $9.60 per share. MAINTAIN BUY."
Company Name: SINGAPORE LAND LIMITED
| Research House: AmFraser | Price Call: BUY | Target Price: 9.60 |
AmFraser Research in an Apr 30 research report says: "Net profit reported by SingLand rose 14% y-o-y to $55 million for 1QFY12. Results met 37% of our FY2012F forecast and 26% of consensus estimates.
"It was mainly attributable to significantly higher progressive revenue recognition from its development properties. Both new units sold and higher percentage of completion of The Trizon project coupled with increasing revenue from Pan Pacific hotel contributed to the 42% surge in revenue.
"We are seeing the effect of negative rental reversions on SingLand’s older buildings. Gross rental income fell circa 1% whilst operating expenses hiked 5% in 1QFY12. We have obtained an RNAV estimate of $9.60 per share. MAINTAIN BUY."
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