The Edge ± Full reproductions

compiled by The Pariah, 11 Nov 2010 Random picks of 9 public listed Singapore companies to document the corporate disclosures that span a spectrum of new and entrenched en bloc buyers over past year, high-end and mass market players, small and big developers, some more diversified than others in business focus. Whilst there are multi-factorial justifications (accounting treatment of fair value gains by different companies, contributions from non-en bloc redevelopment, hot money inflows, etc), I trust the enormity and obscenity of such numbers will not be lost upon you, especially when contextualized against the time-scale (eg, the Great Recession in 2008/09, the S$2.5bn Resilience Package in 2009/10, etc) set out in my blog posting on 13 Nov 2010.

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Summary points for the 9 companies selected as rando m picks:
(a) Allgreen 02-11-09: "revenue increasing by 159%, profit before taxation for 3Q 2009 improved significantly by 126%" 28-04-10: "19.56% rise in net profit ... for the first quarter. Revenue rose 93.15%" 03-05-10: "20% y-o-y growth in 1Q net profit to $34.9 million, with revenue nearly doubling " (b) City Developments 25-02-10: "profit after tax and minority interests (PATMI) increased by 76.7% ... in Q4 2009" 01-03-10: "the year was also a record one of sorts, as it achieved its highest-ever full-year revenue ... and the second-highest-ever net profit" 12-05-10: "68% rise in first quarter net profit" (c) Heeton Holdings 24-02-10: "144% surge in net profit ... for the financial year ended 31 December 2009" 01-03-10: "144% surge in net profit ... for FY2009 ... revenue rose 27% y-o-y" 16-08-10: "net profit ... for 2Q2010, up 11.7% y-o-y, while revenue was up 29.7%" (d) Ho Bee Group 12-11-09: "record net profit after tax and minority interestss ... for nine months ended 30 September 2009, up 259%; group turnover ... quadrupled to hit a new high ... up 302%; turnover and attributable profit have exceeded what it had achieved in its previous record-breaking year of the whole of FY 2007; revenue from the group¶s property development in the first nine months of 2009 swelled to an all-time high of $1.04 billion, an increase of 326%" 16-11-09: "revenue for 3Q2009 ended Sept 30 quadrupled to $209.2 million y-o-y; profit before tax and minority interests jumped 382%; profit attributable to shareholders registered a significant 431% jump" 12-02-10: "net profit after tax and minority interest ...for the full year ended Dec 31 2009, up 262%; record revenue which quadrupled ... an increase of 284%" 29-04-10: "net profit after tax and minority interest for the first quarter ended 31 March 2010 ... up 12%; ... 458% rise in share of profit of jointly-controlled entities" (e) SC Global 01-03-10: "28% increase in net profit ... for 2009" 13-08-10: "nearly tripled its net profit ... for the half year ended 30 June 2010; net profit for the second quarter ... was five times the net profit for the same period last year" 23-08-10: "417.9% y-o-y surge in net profit for 2Q; revenue in the same period was up 18.2%" (f) Sim Lian Group 15-02-10: "net profit for 2Q2010 ended Dec 31, 2009 surged 220% y-o-y" 25-08-10: "full-year profit before income tax ... in FY2010 141% higher than ... FY2009" 30-08-10: "posted a 173% y-o-y jump in net profit ... for FY2010" (g) Tee International 08-01-10: "net profit attributable for the six months ended Nov 30, 2009 (HY2010), rose 129.2%" 22-07-10: "a 72.7% rise in net profit after tax ... for the 12 months ended 31 May 2010 (FY2010)"

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(h) UOL 23-02-10: "188% rise in net attributable profit ... for the financial year ended 31 December 2009 with revenue crossing $1 billion for the first time; record turnover was led by the strong sales of residential projects; revenue from property development posted a 41% increase" 06-08-10: "net attributable profit of $147.8 million for the second quarter ended 30 June 2010; for the first six months in 2010, its net attributable profit excluding fair value and other gains rose 43%; improved results in 2Q10 came on the back of a 50% rise in gross revenue" 16-08-10: "net attributable profit of $147.8 million for 2Q2010; the net attributable profit excluding fair value and other gains rose 36% y-o-y ; revenue was up 50%" (i) Wing Tai Holdings 05-02-10: "net profit attributable to shareholders for the half year ended Dec 31 2009 increased 28%; group revenue increased by 101%; group¶s operating profit ... an increase of 123%" 13-05-10: "group revenue increased 91% ... in the nine months ended 31 March 2009; operating profit ... an increase of 81%" 23-08-10: "net profit of $68.92 million for the fourth quarter ended June 30, 2010 (4Q2010); revenue for the three months was up 17% y-o-y; net profit for the full year ended June 30 (FY2010) rose to $160.75 million from $20.98 million a year ago. Revenue for the year rose 64%" [Net profit rose 666%

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1.

Allgreen Properties

(A) Allgreen Properties posts 137% rise in 3Q net profit to $74 million, 2 Nov 2009 Allgreen Properties says its strong earnings for 3Q 2009 were primarily due to higher contribution from the property development segment, resulting in the group¶s revenue increasing by 159% to $293.1 million compared to 3Q 2008. The two main projects which contributed to the higher sales in 3Q 2009 were One Devonshire and Viva. The group¶s profit before taxation for 3Q 2009 improved significantly by 126% to $102.5 million over 3Q 2008. After taxation and minority interests, the profit attributable to the shareholders improved from $31.2 million to $74 million. (B) Allgreen posts 19.6% rise in net profit to $35m, 28 Apr 2010 Allgreen Properties has posted a 19.56% rise in net profit to $34.95 million for the first quarter. Revenue rose 93.15% to $155.94 million. The increase was mainly contributed by the development properties segment, with Holland Residences and Viva contributing to the higher revenue. Holland Residences was launched in January this year whereas for Viva, more progressive billings were recognised. Trade receivables increased from $111.2 million as at 31 December 2009 to S$126.5 million as at 31 March 2010 mainly due to billings raised for Cascadia and Viva under the deferred payment scheme as well as amounts receivable under Sales and Purchase Agreements for Holland Residences. The decrease in trade payables was mainly due to payments to contractors and consultants of various projects and bonus payment to staff. As at 31 March 2010, the group's gearing was 0.31x with net borrowings at $830.1 million.

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(C) Allgreen records $34.9 million net profit, 3 May 2010 Allgreen Properties has reported a 20% y-o-y growth in 1Q net profit to $34.9 million, with revenue nearly doubling to $155.9 million. The developer attributes the better numbers to sales of its two residential projects, Holland Residences (below) and Vista, during the quarter. Allgreen notes that despite government cooling measures, private property prices in 1Q still rose 5.1%. ³This momentum appears sustainable going into 2Q, although price increases are likely to moderate. We are positioned to launch a few projects,´ it says.

2.

City Developments Ltd

(A) City Developments posts 77% rise in PATMI to $177m in Q4, 25 Feb 2010 City Developments Limited (CDL) says attributable profit after tax and minority interests (PATMI) increased by 76.7% to $176.7 million (Q4 2008: $100.0 million) in Q4 2009. The developer says strong organic growth from the property development segment boosted the group¶s revenue by 28.6% to $922.4 million (Q4 2008: $717.5 million). For the full year, City Developments posted a revenue of $3.27 billion (2008: $2.95 billion) and PATMI of $593.4 million (2008: $580.9 million). The property development segment was the main contributor to the group¶s core earnings, contributing 70.7% and 65.5% to the group¶s profit before tax for Q4 2009 and full year 2009 respectively. In 2009, the group sold a total of 1,508 residential units with sales revenue of $1.868 billion. This is a sharp contrast when compared to the group¶s sales turnover of 368 units and sales revenue of $348 million achieved in the whole of 2008. A healthy occupancy rate of 92.4% was achieved for the group¶s office portfolio as at 31 December 2009. It expects to maintain reasonably healthy occupancy due to already committed leases. City Developments says the group reduced its net gearing ratio from 48.0% in 2008 to 40% in 2009. The board has recommended a final ordinary dividend of 8 cents (2008: 7.5 cents) per share. (B) CDL¶s 2009 net profit second-highest ever, 1 Mar 2010 City Developments Ltd (CDL), one of Singapore¶s largest developers, reported a 76.7% increase in net profit to $176.7 million for 4Q. Revenue rose 28.6% to $922.4 million. The year was also a record one of sorts, as it achieved its highest-ever full-year revenue of $3.27 billion, versus $2.95 billion last year; and the second-highest-ever net profit of $593.4 million, from $580.9 million in 2008. CDL sold 1,508 residential units, generating sales of $1.868 billion ² a sharp increase from $348 million earned from 368 units in 2008. This year, the company is getting ready to launch nearly 1,500 units at The Residences at W Singapore Sentosa Cove and a condominium development each at Chestnut Avenue, Pasir Ris and Thomson Road. CDL achieved 92.4% occupancy rate for its office portfolio as at end-2009. The South Beach project, earlier held back, is on the cards again. The project will start next year and be completed in 2016. (C) Singapore¶s City Developments Q1 net p rofit rises 68%, 12 May 2010 City Developments (CTDM.SI), Southeast Asia¶s second largest property firm, posted a 68% rise in first quarter net profit due to strong home sales in Singapore and higher contributions from its global hotel operations. CityDev, the major shareholder of London-listed Millennium & Copthorne (MLC.C), said on Wednesday its net profit rose to $139 million in the three months ended March from $83 million a year ago. ³The remarkable showing in residential sales volume during Q1 2010 is likely to remain in a reasonably buoyant condition over the next few months,´ the Singapore company said in a statement.

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Millennium & Copthorne, which operates 105 hotels in the United States, Europe and Asia, reported a 70% rise in headline pretax profit for the first three months of 2010 to 18.7 million pounds ($38.5 million). CapitaLand (CATL.SI), Southeast Asia's biggest developer, reported on April 16 a more than doubling in quarterly net profit to $115.4 million. CapitaLand books gains from the revaluation of its portfolio as profit so its results are not directly comparable with CityDev¶s. CityDev shares have fallen 6% since the start of 2010, better than CapitaLand¶s 12 percent decline but underperforming a 0.6% fall in the benchmark Straits Times Index.

3.

Heeton Holdings

(A) Heeton Holdings posts 144% rise in net profit to $17.2m, The Edge, 24 Feb 2010 Property group Heeton Holdings reported a 144% surge in net profit to $17.2 million for the financial year ended 31 December 2009 (FY2009), compared to $7 million a year ago. Revenue rose 27% to $55.5 million, from $43.6 million recorded in FY08, boosted by a strong showing from the group¶s property development business. The FY09 profit figure also takes into account a $1.2 million contribution from the group¶s discontinued operations, following the completion of the disposal of its five wet markets on Jan 4. Driven by progressive revenue recognition from Juluca and The Lumos, along with final contribution from the completion of The Element@Stevens and Lynnsville331, revenue from the group¶s property development business jumped 45% to $36.5 million. Revenue from investment properties, namely Sun Plaza, Tampines Mart, and The Woodgrove, grew 4% to $18.9 million despite a sluggish rental market. For the fourth quarter, the group posted a 175% increase in net profit to $6.8 million, on revenue of $13.6 million, compared to $2.5 million on revenue of $14 million in the previous corresponding period. The board of directors has proposed a final dividend of 0.6 cents and a special dividend of 0.2 cents per ordinary share. During the year, the group launched its 25%-owned Lincoln Suites, a premium condominium project in the Newton area, which was met with enthusiastic response from the market. In November, Heeton together with joint-venture partners KSH Holdings and Tee International, tendered for, and successfully acquired the Mitre Hotel site along Killiney Road for $121 million. The consortium is currently laying out plans to redevelop this 3,700 sq m site into a distinctive residential landmark. Heeton says it is encouraged by the improving residential property landscape, and will keep a close wat h c for an opportune time to launch its Grange Road project, which comprises 30 units of designer apartments and penthouses within a 16-storey block. Along with this, it expects to be on the lookout for opportunities to increase its land bank through prudent acquisitions. For the current financial year, earnings will continue to be driven by progressive recognition of sales from The Lumos and Juluca, in addition to a gain of about $5 million from the disposal of wet markets to be recorded in the first quarter. (B) Heeton net profit up 144% to $17.2 mil, The Edge, 1 Mar 2010 Heeton Holdings reported a 144% surge in net profit to $17.2 million for FY2009, from $7 million a year ago. Revenue rose 27% y-o-y to $55.5 million, from $43.6 million. Heeton plans to pay a final dividend of 0.6 cents and a special dividend of 0.2 cents per share. During the year, Heeton recognised revenue from projects like Juluca and The Lumos, as well as final contributions from the completion of The Element@ Stevens and Lynnsville331. In total, Heeton¶s property

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development business rose 45% to $36.5 million, making it the largest business segment for the company. A new project, Lincoln Suites, in which Heeton holds a quarter share, was also launched. Buoyed by positive sentiments in the market, Heeton says it will ³keep a close watch´ for the ³opportune time´ to launch its 30-unit Grange Road luxury residential project, as well as to acquire new plots. (C) Heeton reports 11.7% growth in 2Q net profit to $6.3 mil, The Edge, 16 Aug 2010 Heeton Holdings has reported a net profit of $6.3 million for 2Q2010, up 11.7% y-o-y, while revenue was up 29.7% to $9.5 million. It plans to pay an interim cash dividend of 0.2 cents per share. Heeton¶s better performance was driven by recognition of sales from two residential projects, Juluca and The Lumos, a $189,000 contribution from its wet markets business and a lower interest expense. The company plans to start construction of iLiv@ Grange in 2H and is finalising drawing plans for its 3,700 sq m joint venture at the Killiney Road site, with hopes of a launch in 1Q2011. It also plans to replenish its landbank and is on the lookout for land tenders and en-bloc deals.

4.

Ho Bee Group

(A) Ho Bee posts 259% rise in net 9M profit to $294m, 12 Nov 2009 Property group Ho Bee Investment says it posted a record net profit after tax and minority interests of $293.9 million for the nine months ended 30 September 2009, up 259% from the $81.8 million it registered in the previous corresponding period. Group turnover for the first nine months of 2009 quadrupled to hit a new high of $1.06 billion, up 302% from the $263.5 million it achieved in the previous corresponding period. Ho Bee says the group¶s nine-month turnover and attributable profit have exceeded what it had achieved in its previous record-breaking year of the whole of FY 2007 by 78% and 8% respectively. This sterling result was achieved despite a write-down of $110 million in fair value changes of investment and development properties in the 2nd quarter of 2009. Profit before tax for the period under review soared to $395 million, an increase of 263% over the $108.9 million it recorded in the previous corresponding period. With this strong performance, earnings per share for the period under review rose substantially to 39.9 cents against 11.1 cents in the preceding year. Revenue from the group¶s property development in the first nine months of 2009 swelled to an all-time high of $1.04 billion, an increase of 326% over the $244.7 million it registered in the corresponding period last year. The main contribution came from the revenue recognition of residential projects, namely, Orange Grove Residences (for which Temporary Occupation Permit was received in July this year), The Coast, Turquoise and Paradise Island in Sentosa Cove, The Orange Grove, Quinterra and Vertis. The group¶s revenue from property investment also saw a rise, registering $14.9 million in the first nine months of 2009 or a 20% increase. Quarter-on-quarter, it amounted to $5.5 million, an increase of 32%.The increase was attributed to the rental income from its new industrial buildings, Platinum 28 at Genting Lane and Forte at New Industrial Road which were completed about a year ago. Ho Bee says the group¶s financial standing remains strong with shareholders¶ fund of $1.15 billion as at 30 September 2009. Its net asset value per share rose $0.36 to $1.56 from $1.20 at the end of last year. Net gearing has dropped to a low of 0.26 times from 1.26 times as at the end of 2008. (B) Ho Bee Group revenue quadruples in 3Q, 16 Nov 2009 Listed boutique developer Ho Bee Group says revenue for 3Q2009 ended Sept 30 quadrupled to $209.2 million y-o-y from $52.5 million. This was attributed to the sharp increase in the revenue recognition of development properties. Profit before tax and minority interests jumped 382% from $24.4 million last year to $117.5 million. Profit attributable to shareholders registered a s ignificant 431% jump from $18.7 million to $99.3 million. For the first nine months, the group saw revenue quadruple to $1.06 billion and earnings treble to $293.9 million. Its nine-month turnover and attributable profit exceed what it achieved in its previous record-

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breaking year in FY2007 by 78% and 8%, respectively. Key revenue contributors were residential projects The Coast, Turquoise and Paradise Island on Sentosa as well as Orange Grove Residences, The Orange Grove, Quinterra and Vertis. The company says it is ³cautiously optimistic´ about its outlook, and expects revenue and earnings to remain positive in 4Q. (C) Ho Bee more than doubles full -year net profit to $337m, 12 Feb 2010 Ho Bee Investment, the property development group, says it registered a net profit after tax and minority interest of $337 million for the full year ended Dec 31 2009, up 262% from the preceding year. This included a write-down of $87.1 million in fair value changes of investment and development properties. The strong profit was achieved on the back of a record revenue which quadrupled to $1.16 billion, an increase of 284% from the $302 million achieved in FY 2008. The group¶s turnover for property development in the 4th quarter of 2009 was up 185% from the corresponding period last year to $92.5 million. For 2009, turnover reached $1.13 billion, a four-fold increase over the previous year. The maiden recognition of revenue for Trilight which was launched in the 4th quarter of 2009 and the higher percentage of revenue recognized for five newly completed residential projects, namely Vertis, Quinterra, The Coast, Paradise Island and Orange Grove Residences, were the contributing factors for the sharp increase in turnover. Ho Bee says the group¶s property investment continued to benefit from high occupancy rate. Quarter -onquarter, turnover rose 27% to $5.3 million while year-on-year, it registered an increase of 22% to $20.2 million. This was mainly due to the rental income derived from the Group¶s new industrial buildings, Platinum 28 at Genting Lane & Forte at New Industrial Road which were completed about a year ago. Earnings per share rose substantially from 12.6 cents in the previous financial year to 45.8 cents. The company proposed a one-tier final dividend of 2.0 cents per share. Including the interim dividend of 2.0 cents that it paid out earlier this year, the dividend yield works out to around 2.3% based on yesterday¶s closing share price of $1.75. Ho Bee says its financial remains robust. As at 31 December 2009, shareholders fund stands at $1.2 billion. This works out to $1.63 per share, an increase of 36% as compared with $1.20 per share as at 31 Dec 2008. Net gearing decreased substantially from 1.26 times as at the end of 2008 to a low of 0.20 times. (D) Ho Bee posts 12% increase in net profit to $42m for 1Q, 29 Apr 2010 In line with the continuing strong sentiment in the property market, property development group Ho Bee Investment says it has posted $41.7 million net profit after tax and minority interest for the first quarter ended 31 March 2010. This is up 12% from the previous corresponding quarter. Ho Bee attributes the increase to the 458% rise in share of profit of jointly -controlled entities, from $1.9 million to $10.8 million, of which the joint- venture (JV) project, Parvis at Holland Hill, was the main contributor. Group turnover for the first quarter of 2010 decreased by 16% to $92.4 million, down from $110 million recorded in the same period last year. The drop in revenue was mainly attributed to lower recognition of revenue from property development. Earnings per share stood at 5.7 cents while total shareholders¶ fund as at 31st March 2010 was $1.24 billion, representing a net asset value of $1.68 per share. Property Development Revenue from the group¶s property development in the first quarter of 2010 amounted to $85.2 million, 18% down from the corresponding period last year. This was due mainly to the higher revenue recognition in the first quarter of FY2009 for two residential projects, Vertis and Quinterra, which obtained Temporary Occupation Permit during that period. In the first quarter of this year, the group sold 198 residential units of its various projects, namely, Orange Grove Residences, The Orange Grove, Trilight, Parvis, Dakota Residences and Seascape. The recent sales preview of the JV project with IOI Land, Seascape at Sentosa Cove, was well received.

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Overseas Investment The group, together with Yanlord Land Group, through a 40:60 equity ownership respectively, has jointly acquired a 13.69 hectares prime residential development site in Qingpu district, Shanghai for RMB3.82 billion ($768 million) early this year. The total planned gross floor area is 246,487 square metres. The development project is scheduled to start construction next year and expected to complete in 4 to 5 years¶ time. Initial sales launch is targeted to start in the next two years. Property Investment Turnover on property investment for the 1st quarter of this year rose 19% from $4.8 million in the same period last year to $5.7 million. This was attributed to the contribution in rental income from Forte, the new industrial building located at New Industrial Road and good occupancy rate for the other investment properties. Outlook Ho Bee says the strong 13.1% expansion in Singapore¶s GDP coupled with robust sales by developers and the continued rise in the price index of private residential properties in the first quarter this year have provided an optimistic outlook for the Singapore property market. (E) Ho Bee posts 11.8% rise in net profit, 3 May 2010 Ho Bee Investments reported an 11.8% y-o-y rise in net profit in 1Q2010 to $41.68 million, but its revenue fell 16.1% to $92.35 million. The company attributes the better bottom line to a big jump in contribution, totalling $10.8 million, from Parvis at Holland Hill, its joint-venture project with MCL Land. During the quarter, Ho Bee sold a total of 198 residential units at Parvis, Orange Grove Residences, The Orange Grove, Trilight, Dakota Residences and Seascape. Revenue from property development, nevertheless, was down 18% y-o-y to $85.2 million, as Ho Bee booked higher revenue from two earlier projects in 1Q2009. The company also says property investments during the quarter rose 19% y-o-y to $5.7 million, thanks to contribution from Forte, its new industrial building at New Industrial Road. Ho Bee¶s hotel business also improved, with its average occupancy rate rising from 46% in 1Q2009 to 76% in 1Q2010, leading to hotelrevenue growth of 17% y-o-y to $1.4 million. Mainboard-listed property group Ho Bee Investment today announced a net profit after tax and minority interests of $154 million for the first half ended 30 June 2010. ³Although this was 21% lower than last year¶s result, I am satisfied with the performance for the half year ended 30 June 2010 as last year¶s result was exceptional´, says Chua Thian Poh, Chairman and Chief Executive Officer. Group turnover for the first six months of 2010 decreased 61% to $328 million, from $850.8 million in the same period last year. This was attributed to the exceptionally high revenue recognition from development properties in the second quarter of 2009 when two large residential projects, The Coast and Paradise Island at Sentosa Cove obtained Temporary Occupation Permit (TOP). The company has declared an interim dividend of 1.0 cent per share for the half year ended 30 June 2010. For the second quarter, profit attributable to shareholders decreased 29% from $157.3 million in the previous year to $112.3 million, yielding an earning of 15.3 cents per share. Group turnover was 68% lower, from $740.8 million to $235.7 million, as a result of the higher revenue recognition from development properties in the same quarter last year. Property Development Revenue from property development for the second quarter of 2010 amounted to $227.1 million, 69% lower than the corresponding period last year. For the first half of the year, revenue was 63% lower at $312.4 million compared to $839.1 million in the preceding year. Two residential projects, Turquoise at Sentosa Cove and Dakota Residences at Dakota Crescent obtained TOP in June 2010. Overseas Investment In June this year, the group, together with Yanlord Land Group Limited, jointly acquired six parcels of prime residential development site in the Tangshan Nanhu Eco-City, Hebei Province, China, for RMB 504.6 million ($101.3 million). The combined site area of 186,444 sqm has a total planned gross floor area of

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387,597 sqm. The development project is expected to commence construction early next year and complete in about four years time. Initial sales launch is scheduled to start in the next two years. Property Investment Revenue from property investment for the second quarter of 2010 rose 47% to $6.8 million from $4.6 million in the same period last year. This was attributed to the rental generated from three industrial buildings which were reclassified from development properties in the current quarter and the increase in rental income from the group¶s other industrial and retail spaces. Revenue for the first six months amounted to $12.5 million, an increase of 33% over last year.

5.

SC Global (DESPITE market¶s perception of its over-bid for Sentosa land)

(A) SC Global profit increases 28%, The Edge, 1 Mar 2010 Luxury property developer SC Global Developments reported a 28% increase in net profit to $56.9 million for 2009. Revenue surged 523% to $804.7 million, as the company consolidated the accounts from its Australian associate AV Jennings following an increase in ownership to 50.3%. During the year, SC Global recognised revenue from projects like Martin No 38 as well as its Shenyang, China project, Kairong International Gardens. It now owns a landbank of more than 1.1 million sq ft in the prime areas of Orchard Road and Sentosa Cove. SC Global plans to pay a dividend of 1.5 cents per share. (B) SC Global¶s 2Q net profit jumps five -fold to $40.4m, The Edge, 13 Aug 2010 SC Global Developments, the developer of high-end luxury residences, today announced it nearly tripled its net profit to $53.8 million for the half year ended 30 June 2010, from $18.3 mil last year. Net Profit for the second quarter of $40.4 mil lion was five times the net profit for the same period last year of $7.8 million. Higher revenue recognition from the Group¶s development projects, including The Marq on Paterson Hill, Hilltops and Martin No. 38, contributed strongly to the reported profit as construction progressed for these projects. Group revenue for the half year increased 28% to $458.4 million from $357.6 million last year. Revenue from the group¶s development project in China, Kairong International Gardens in Shenyang and the group¶s subsidiary in Australia, AV Jennings (AVJ), also contributed to Group Revenue. Gross Profit for the half year rose by 83% to $136.1 mil as compared to $74.5 million last year. Gross margin improved to 30% from 21% last year. As reported earlier, AVJ achieved a 176% increase in net profit after tax to A$9.6 mil for the full year to 30 June 2010, reversing its loss of A$12.7 million ($15.6 million) in 2009. The full-year results reflect the total review of operations undertaken early in 2009. AVJ recently announced the completion of the sale of its contract building operations to a division of the Japanese-listed company, Sekisui House Limited. The transaction includes Sekisui paying royalties for the right to use the AVJennings brand for its contract building operations for the next three years as well as a land alliance arrangement between the two companies. The sale allows AVJ to fully focus on its residential development operations comprising land development, integrated housing and low-rise apartments, which has been an integral component of AVJ¶s operations for 80 years. (C) SC Global 2Q net profit up 417.9%, The Edge, 23 Aug 2010 SC Global has reported a 417.9% y-o-y surge in net profit for 2Q to $40.4 million, driven largely by higher income recognition from projects like Hilltops, Martin No 38 and The Marq. AV Jennings, which is 50% owned by SC Global, also posted better numbers. Revenue in the same period was up 18.2% to $267.7 million. DMG Partners analyst Brandon Lee says the result exceeds expectations and has a ³buy´ call and price target of $1.90 on SC Global¶s stock. In his Aug 16 research note, he describes the company as ³the best small-cap proxy to domestic high-end properties´. With the looming year-end period, which is traditionally a

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slower season for luxury home sales, Lee expects SC Global to re-launch projects like Hilltops and The Marq in 1H2011 and the former The Ardmore in 2H2011.

6.

Sim Lian Group

(A) Sim Lian net profit for 2Q2010 rises 220%, The Edge, 15 Feb 2010 Sim Lian Group Ltd says net profit for 2Q2010 ended Dec 31, 2009 surged 220% y-o-y to $31.29 million, on the back of a 3% increase in revenue in the same period to $166.48 million. During this quarter, the company¶s property development business contributed $125.4 million to revenue, up 17% from $106.9 million in the year-earlier period. Projects that contributed most to the revenue were Clover By The Park, Parc Lumiere, The Lincoln Residences and Rochelle At Newton. However, the gain in revenue was partially offset by the decrease in revenue contribution from projects such as The Premiere @ Tampines and Carabelle, which obtained their temporary occupation permit in December 2008 and July 2009 respectively. The company¶s construction arm was awarded two HDB contracts in the quarter: Punggol East Contract 24A and Queenstown Redevelopment Contract 30, worth $80.5 million and $99.8 million respectively. (B) Sim Lian posts full -year PBT of $129.4m, The Edge, 25 Aug 2010 Property developer and builder Sim Lian Group has recorded a full-year profit before income tax of $129.4 million in FY2010, 141% higher than the $53.6 million recorded in FY2009. Revenue from property development division contributed $582.1 million to the group¶s revenue in FY2010 compared to $394.9 million in FY2009, an increase of 47.4%. The increase in revenue from property development division was mainly due to percentage recognition of revenue from the following projects: Clover By The Park, Parc Lumiere, The Lincoln Residences and Rochelle At Newton. This increase was partially offset by the decrease in revenue contribution from the projects The Premiere @ Tampines and Carabelle, which obtained TOP in December 2008 and July 2009 respectively. Revenue from external projects from the construction division contributed $153.7 million to the group¶s revenue, a marginal decrease of 3.3% from the $158.9 million in FY2009. Other operating income decreased by 73% from $4.0 million in FY2009 to $1.1 million in FY2010 mainly due to the one-off disposal of a leasehold property by a subsidiary in FY2009 which resulted in a gain on disposal of $1.9 million and lower forfeiture income. (C) Sim Lian¶s FY2010 profit jumps to $108.2 mil, The Edge, 30 Aug 2010 Sim Lian Group Ltd has posted a 173% y-o-y jump in net profit to $108.2 million for FY2010. Revenue in the same year was up 32 % to $759.7 million. The company¶s growth was largely driven by a 47.4% rise in revenue to $582.1 million for its property development business, as it booked contributions from projects like Clover by the Park, Parc Lumiere, The Lincoln Residences and Rochelle at Newton. Revenue from its construction business, however, dipped 3.3% to $153.7 million. New projects won by the company during the year included Punggol East Contract 24A and Queenstown Redevelopment Contract 30, worth $80.5 million and $99.8 million respectively. For its property development business, Sim Lian won bids in FY2010 for two key sites: at Tampines Avenue 1 and Tampines Avenue 10, as well as at the junction of Tampines Avenue 5 and Tampines Central 8. The company plans to pay a first and final dividend of 3.7 cents a share. It also plans to issue bonus shares at the ratio of one new share for every two held.

7.

Tee International

(A) Tee International posts 129% rise in HY net profit to $4.5m, The Edge, 8 Jan 2010 Tee International, the engineering and integrated real-estate management group, says net profit attributable for the six months ended Nov 30, 2009 (HY2010), rose 129.2% to $4.5 million compared to the previous corresponding period (HY2009).

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Revenue declined 22.4% to $35.4 million from $45.6 million in HY09 mainly due to the delay of certain projects being awarded to the group which resulted in the late commencement and recognition of the revenue from these projects in HY10. The revenue contribution in HY10 is mainly derived from the engineering segment. Earnings per share jumped to 3.2 cents in the current financial period compared to 1.49 cents in the previous corresponding period. Overall, the group maintains a positive outlook for its engineering and integrated real-estate segments in the next six months. Under the engineering business, Tee International has an outstanding order book of $269.8 million in Singapore and will continue to aggressively pursue new orders. (B) Tee Int'l records 73% rise in net profit after tax to $11.4m for full year, The Edge, 22 Jul 2010 Mainboard-listed Tee International, the engineering and integrated real-estate and facilities management group, says the group posted a 72.7% rise in net profit after tax to $11.4 million for the 12 months ended 31 May 2010 (FY2010) compared to $6.6 million in the corresponding period last year. Tee International says the group achieved a record high of $150.5 million in revenue for FY2010, a rise of 56% compared to the corresponding period last year (FY2009). Maiden contribution from the group¶s development property ² namely from The Thomson Duplex which received its TOP in April ² added to the top line performance. Engineering projects contributed $135.3 million to the group¶s revenue, reflecting a healthy pace of completion for large-scale construction projects such as the Marina Bay SandsTM Integrated Resort, Esplanade MRT Station and Pandan Garden projects. On the back of firm profit margins in the engineering segment and the maiden profit contribution from the sales of the Thomson Duplex development, the group¶s profit before tax rose 57.3% to $14 million compared to $8.9 million in the corresponding period a year ago. The group has announced a full year dividend per ordinary share of 2.2 cents comprising a final dividend of 1.2 cents and a special dividend of 1.0 cents. Overall, Tee International believes that the outlook for Singapore and regional construction projects as well as residential and investment properties remain buoyant.

8.

United Overseas Land

(A) UOL records full-year net profit of $424m, The Edge, 23 Feb 2010 Property developer UOL Group says posted a 188% rise in net attributable profit to $424.2 million for the financial year ended 31 December 2009 with revenue crossing $1 billion for the first time. The near tripling in net attributable profit from $147.2 million the year before came from higher sales of development properties, rentals from investment properties, share of profits from associated companies, and negative goodwill from the acquisition of shares in UIC. The net attributable profit included negative goodwill of $281.1 million, fair value losses on investment properties of $184.8 million and a slight impairment of property, plant and equipment. Excluding these items, net attributable profit was 32% higher at $331.8 million compared to $251.5 million in FY 2008. During the year, UIC became a 32% associated company and thus boosted share of net operating profits of associated companies by 150%, from $61.8 million previously to $154.4 million. Nassim Park Residences, another associated company, also reported higher earnings. The record turnover was led by the strong sales of residential projects and higher average rental rates for investment properties. Group revenue grew 12% to $1 billion, from $899.2 million the year before.

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The group¶s new residential property launches in Singapore, Double Bay Residences and Meadows@Peirce, caught the market rebound and enjoyed brisk sales. For the year under review, revenue from property development posted a 41% increase to $533.8 million from $379.2 million. Property investments rose 12% to $141.7 million compared with $126.1 million a year ago. This was due to higher average rental rates for most of the Group¶s investment properties. Operating profit for property development rose 26% to $155.1 million while that for property investments increased 32% to $100.6 million. Revenue from hotel operations declined 13% to $294.5 million as revenue per available room (revpar) fell amid the slowdown in global tourism and travel. Management services also saw a 34% drop in revenue to $15.9 million compared with $24.1 million previously. Operating profit from hotel operations declined 38% to $44.2 million. Share of profits of associated companies rose 37% to $88.3 million after accounting for fair value losses of $66.1 million as against a fair value gain of $2.7 million previously. The Group¶s major residential launches, Double Bay Residences, a 646-unit luxurious condominium located along Simei Street 4, was 92% sold at an average price of $652 psf, while the 479-unit Meadows@Peirce, located at Tagore Avenue along Upper Thomson and launched in July, was 73% sold at an average price of $868 psf. During FY 2009, the group and its associated companies sold more than 1,000 residential units in Singapore with a sales value of $1.2 billion, up 15% from the year before. Shareholder funds increased 22% to $4.15 billion as at Dec 31, 2009 while net tangible asset per share stood at $5.25 compared with $4.22 previously. The group¶s gearing ratio edged upwards to 43.1% in 2009 from 42.4% due to increased borrowings for the acquisition of shares in UIC and the URA site at Dakota Crescent. UOL has recommended a final dividend payout of 10 cents per share (tax -exempt one-tier) to shareholders on the register as at 30 April 2010, payable on 13 May 2010. This is an increase of 33% from the previous year. (B) UOL¶s 2Q net profit soars % to $147.8m, The Edge, 6 Aug 2010 UOL Group today announced a net attributable profit of $147.8 million for the second quarter ended 30 June 2010, compared to a loss of $20.1 million in 2Q09. The net attributable profit excluding fair value and other gains increased by 36% to $122.1 million as compared to 2Q09. For the first six months in 20 10, its net attributable profit excluding fair value and other gains rose 43% to $205.7 million against $144 million in the corresponding period last year. The improved results in 2Q10 came on the back of a 50% rise in gross revenue to $320.4 million, reflecting strong performances from its three core businesses ² property development, property investments and hotel operations. The biggest contributor, property development, was boosted by the progressive recognition of revenues from the successful sales of Duchess Residences, Meadows@Peirce, Double Bay Residences and Waterbank at Dakota. Property investments also held up, riding on the rebound in demand while profit from hotel operations rose significantly. During the quarter, UOL¶s investment properties were valued by professional valuers and a fair value gain of $24.8 million was recognised, compared to a loss of $77 million in 2Q09. With the inclusion of fair value gains on the investment properties, the group recorded a pre-tax profit of $185.8 million for 2Q10 against a pre-tax loss of $2.9 million for the corresponding quarter in 2009. For the six months ended 30 June (1H10), gross revenue increased 39% to $569.7 million from $410.4 million in 1H09 while pre-tax profit before fair value and other gains/losses jumped 81% to $269.7 million from $148.7 million in 1H09.

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Since January 2010, UOL says the group has sold 970 units of its residential projects, recording total sales value of about $1.3 billion. It has launched two new residential projects namely Waterbank at Dakota, which has sold 615 out of the total 616 units and Terrene at Bukit Timah, a 172-unit condominium, which is 98% sold. (C) UOL 2Q net attributable profit at $147.8 mil, The Edge, 16 Aug 2010 UOL Group has announced a net attributable profit of $147.8 million for 2Q2010, reversing the loss of $20.1 million in 2Q2009. The property developer said the net attributable profit excluding fair value and other gains rose 36% y-o-y to $122.1 million. Revenue was up 50% to $320.4 million, driven by better numbers from its core businesses of property development, property investments and hotel operations. The biggest contribution was from property development, in particular, progressive recognition of revenue from the sale of projects like Duchess Residences, Meadows@Peirce, Double Bay Residences and Waterbank at Dakota. All these led to a doubling in UOL¶s property development revenue during the quarter from $92.8 million to $186.7 million. Since January, UOL has sold 970 units of its residential projects worth $1.3 billion. UOL¶s share of profit from associated companies rose 945% to $69.4 million, driven by sales of units in Nassim Park Residences and the share of fair-value gains from UOL¶s investments in Marina Centre Holdings and United Industrial Corp.

9.

Wing Tai Holdings

(A) Wing Tai Holdings posts 28% rise in half -year net profit to $68.7m, 5 Feb 2010 Developer Wing Tai Holdings says net profit attributable to shareholders for the half year ended Dec 31 2009 increased 28% to $68.7 million from $53.5 million in the current period as a result of the higher operating profit achieved. Group revenue increased by 101% to $454.3 million from $226.3 million a year ago. This increase is mainly due to the higher contributions from the development properties division as more units were sold in the current period, which included units sold in Belle Vue Residences and the progressive sales recognised from The Riverine by the Park in Singapore. Profits recognised from the above projects also contributed to the increase in the group¶s operating profit from $56.6 million to $126 million, an increase of 123%. The group¶s share of profits of associated and joint venture companies however decreased from $25.8 million to $13.3 million in the current period, largely due to the lower contribution from USI Holdings in Hong Kong. The group¶s net gearing ratio was 0.5 times as at Dec 31 2009. (B) Wing Tai Holdings posts 91% rise in 9M net profit to $604m, 13 May 2010 Developer Wing Tai Holdings says group revenue increased 91% to $603.9 million in the nine months ended 31 March 2009 from $315.9 million in the corresponding year earlier period. Wing Tai says the increase is mainly due to higher contributions from the development properties division as more units were sold in the quarter, including units sold in Belle Vue Residences and units in The Riverine by the Park in Singapore that were progressively recognised. Profits recognised from the above projects have contributed to the increase in the group¶s operating profit from $91.7 million to $165.9 million, an increase of 81%. As at 31 March 2010, the group¶s net gearing ratio remained unchanged at 0.5 times. (C) Wing Tai returns to black in Q4 with net profit of $69m, 23 Aug 2010 Property developer Wing Tai Holdings reported a net profit of $68.92 million for the fourth quarter ended June 30, 2010 (4Q2010). This reverses the net loss of $53.88 million it made in 4Q2009. Revenue for the three months was up 17% y-o-y to $222.35 million.

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Net profit for the full year ended June 30 (FY2010) rose to $160.75 million from $20.98 million a year ago. Revenue for the year rose 64% to $821.85 million. Revenue from property development was $589.9 million while revenue from investment properties and retail was $36.8 million and $179.7 million respectively. Wing Tai is recommending a first & final dividend of 3 cents a share as well as a special dividend of 2 cents a share this year.

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