Wheelock reported that its FY15 PATMI dipped 6.5% to S$40.3m mostly due to the absence of one-time accounting gains booked in FY14 from the group’s investment in Hotel Properties Ltd (HPL), offset by the absence of asset writedowns for Scotts Square retail mall and the Fuyang residential project in China, which were similarly booked in FY14.

In terms of the topline, FY15 revenues jumped 275.3% to S$371.6m; this was mainly attributed to higher contributions from the property development segment with sales from Ardmore Three and Scotts Square and the write-back of impairments made on the Panorama. We judge these results to be broadly in line with expectations. A final dividend of 6.0 S-cents (unchanged from FY14) was proposed. Maintain BUY with an unchanged S$2.27 fair value estimate.

Source: OCBC Research - 1 Mar 2016