GUTHRIE GTS

Qualifies To Be A Reit Manager S$0.46-GUTH.SIS$0.46-GUTH.SI

http://www.remisiers.org/research//dailyex%20LT.pdf

UNDISCOVERED GEM TRADING AT HEFTY DISCOUNT TO RNAV

 Last traded price: S$0.365     (15 Nov 2006, 12.25am)

12 month high 36.5 cents    12 month low 20.5 cents

Historical PE   21.4 times

Book value per share on 30 Sept 2006 (end of Q3)     46 cents

Rough estimate of RNAV   55 cents

Sebastian Chong

Provocateur, Shareowl.com

Mg Director, Financial Info Analysis Pte Ltd

Wed 15 November 2006

 In the late afternoon on 13 November 2006, I bought 50 lots of Guthrie GTS at 34.5 cents. On the same evening, I mentioned my purchase in the Forum. This morning I purchased another 20 lots at 36 cents. In the interest of timeliness, let me briefly explain why I bought the shares. It was highlighted weeks ago by a Forum member but at that time the share price was rather flat and that were other more enticing that equally great fundamentals but that were also on the move.

However, now that there is an increase in trading volume and signs of upward share price movement, it may be wise not to delay consideration of its purchase any longer. That is why I started buying two days ago and bought some more this morning.

The historical tangible book value was 46 cents as at 30 September 2006. Now the hot asset and income booster is Guthrie?s 25% stake in the Centris, a complex under development with 610 apartments in 12 blocks (12 storeys each) sitting on a retail podium that constitutes an extension of the highly successful Jurong Point shopping mall (which is jointly owned by Guthrie and Lee Kim Tah). Guthrie also has other investment properties in Singapore and hotels in Jakarta.

 Together with their stake in the Centris development, I estimate the RNAV (revalued net asset value) per share to be about 55 cents. In other words, the last traded price of 36.5 cents (at 11.25am Wed November 2006) represents a discount of 33.6% off RNAV. In other words, the stock is currently dirt cheap. It is an obviously overlooked gem.

Please see Appendices 1 to 5 to increase your understanding and insights of the worth of Guthrie GTS. Guthrie GTS also has a successful engineering division and a leisure (hotels) division. Please do read the appendices. (Appendices not reproduced here as they are far too long).

 All the best, Sebastian Chong, Provocateur, http://www.shareowl.com

Mg Director, Financial Info Analysis Pte Ltd

Feel free to check out my website.