Sheng Siong Group

[yeokiwi]

also, for the better year of 2009/2010, the profit was boosted by other income (almost 13/16 mil), which was not explained(or I did not find it). my guess should be gain from dispose of investments (Citi Group/China Hongxing, etc) from its cash flow statement.

Page 90,91 and 92 of the IPO prospectus..

Other income increased by S$3.0 million or 23.3%, from S$12.9 million in FY2009 to S$15.9 million in
FY2010, mainly due to gains on disposal of available-for-sale equity securities of S$9.6 million and sale
of scrap material. The increase was partially offset by a decrease in the cash grants we received under
the Jobs Credit scheme as the scheme was terminated by the end of June 2010. The equity securities
were sold on market at prevailing market prices to independent third parties.


Except the gain on disposal of equity and job credit, the rest of the "other income" should remain the same.

If gain on disposal and job credit were excluded from FY10, the net profit is around 32.4 million.
EPS post invitation would be around 2.42cts. PE around 13.6

Not too bad but not as exciting as PE 10.