2.75 S cents ordinary dividend and 2.50 S cents special dividend.

FY12 revenue came in at S$69.0m while adjusted income was

S$57.4m, largely in line with our previous estimates. There was

a slight increase in operating expenses due to higher

management fees and expenses related to the strategic review

and special general meeting. The total 5.75 S cents dividend

will result in about S$66.1m cash payable to shareholders,

leaving the company with about S$14.2m for operating

purposes. There was not much change in the valuation of its

assets.

CXP’s 4Q cargo volume grew 16.8% YoY to 1.9m tonnes while

EBITDA climbed 24.2% YoY to RMB48.2m, on the back of

continued healthy demand for log, paper and pulp. Fy13

operating expenses may increase due to the implementation of

minimum wages. Nonetheless, CXP’s utilization rate has been

increasing consistently and we reckon the entity can maintain

its growth rate. HNE’s 4Q traffic rose 16% YoY to 15.3m vehicles

while revenue dropped 17.1% YoY to RMB117.9m due to the

change in toll rate. QoQ, revenue inched up 1.6%. We estimated

about S$14m distributable income from this asset.

Lastly, TBC’s 4Q revenue increased 0.4% YoY to NT$1.81bn

while EBITDA dipped 1.6% YoY to NT$1.12bn. This is mostly like

due to TBC’s lower pricing power as a result of Taiwan’s slowing

economy. That said, we also noted healthy increment in digital

and broadband services subscription, which will help to

improve FY13’s numbers.

We are leaving our valuation of S$0.71 intact as we expect the

company to be capable of selling CXP, HNE and MW at a price

above its asset valuation. We retain our FY13 DPS as we are

unsure about the order of asset disposal. Maintain Invest.