I met the management of Innotek, one of my Stock Picks earlier this week.  The purpose was to get an update on the business especially for 2011 and also to find out why they invested about S$15.75mn for 15mn IPO shares in the Sabana REIT IPO. On the business, management were guiding for a lower Q4-2010 and my estimate of S$2-3mn was within the ball park range.  This figure might now be lower to the S$1mn level if an impairment charge for the Sabana REIT investment needs to be made.   At the time of writing this Blog, the Sabana REIT was trading at S$0.98 and if the investment was marked to market - Innotek would have to take an impairment charge of S$1.05mn.  This would bring the Q4-2010 net profit number down to between S$1-2mn......