Order book stood at S$292m at 7th Aug 2009 ? The Group clinched a 26 months contract amounting to S$77.7m to build the Singapore Island Country Club's ("SICC") main clubhouse at Island Club Road, bringing the Group's year-to-date order book of civil engineering and building projects to S$292m as at 11 May 2009.
Share of results of associates of S$3.6m recognized in 1H09 ? In line with expectations ? Mainly attributable to the Group's share of profits recognized from the development project at No. 8 Nassim Hill. We believe the development project is on track to meet our expected completion of 65% by end of FY09.
Maintain Hold; Target price raised to S$0.065 ? We raise our FY09F & FY10F earnings forecast by 9.5% and 3.0% respectively, adjusting for the new contract clinched and higher GPM achieved. We continue to use sum-of-the-parts valuation methodology to value its property development and construction business. We increased the valuation of the Group's unsold development projects, namely Nassim Hill & Holland Hill to reflect the current rise in property prices and value construction business at 3x FY09F construction earnings. Our target price is increased to S$0.065 after removing discount factor to SOTP valuation.
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