Sinarmas Land reported 2Q14 revenue of S$193.9M

Sinarmas Land reported 2Q14 revenue of S$193.9M, representing a 2.6% y-o-y growth. Additionally, the operating profit of S$ 87.2M is 3.3% higher y-o-y. However, SML was only able to register a PATMI of S$ 50.0M, which represents a -52.1% y-o-y decrease. This is largely due to the absence of exceptional gains and write-back of option reserve. Removing the effects of one-off items in 2Q13, core earnings would be at similar levels as 2Q13. We expect its development sector to continue its strong showing and core earnings to show healthy long term growth. Remain bullish on Sinarmas Land with a target price of S$0.97. (