DMG & Partners Research in a Mar 2 research report says: "4Q11 earnings came in within our expectations at $2.9 million (-70.1% y-o-y). Revenue was up 55.7% y-o-y, mainly attributable to revenue progressively recognised for sold units from its property development Lush on Holland Hill and the various on-going construction projects in their active stage of construction.
"FY2011 earnings came in at a record $20.1 million. A dividend of 0.8 cents was declared (FY10: 0.6 cents), translating to a dividend yield of 3.6%. BBR's order book grew an admirable 22.2% within a quarter (3Q11: $483 million) and remains healthy at $590 million.
"Valuations remain attractive at 3.1x prospective earnings, versus its peers trading at ~6.6x. Target price of 38 cents, based on 5.3x FY12 P/E. MAINTAIN BUY."
"FY2011 earnings came in at a record $20.1 million. A dividend of 0.8 cents was declared (FY10: 0.6 cents), translating to a dividend yield of 3.6%. BBR's order book grew an admirable 22.2% within a quarter (3Q11: $483 million) and remains healthy at $590 million.
"Valuations remain attractive at 3.1x prospective earnings, versus its peers trading at ~6.6x. Target price of 38 cents, based on 5.3x FY12 P/E. MAINTAIN BUY."
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