- 2.5 Scts final dividend proposed
- Launch of Asia Dragon Fund II impending; more upside catalysts exist
- BUY call maintained, TP raised to S$1.77
Strong earnings quality; final dividend of 2.5 Scts declared. 4Q10 PATMI of S$25.7m (+83% yoy) on 55% growth in topline to S$41.7m, was boosted by a S$15.0m acquisition fee accruing from Suntec REIT’s purchase of MBFC. Recurring income, which increased by 25% on the back of a larger AUM from its listed REITs, will continue its growth momentum into FY11 with the inclusion of MBFC. As of Dec’10, the group’s AUM stands at S$16.9bn, growing 2 fold since its listing in end 2007. For FY10, ARA delivered another record PATMI of S$63.8m. The group also declared a final dividend of 2.5 Scts.
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