Broadway Industrial Group (Broadway) has reported its FY2010 results.    Full year net profit of S$44.5mn was short of my target of S$48mn for the year.   Q4 reveue grew 6.5% to S$157.7mn while net profit was S$10.2mn - flat with 2009.   Look out for our analyst report.   Broadway is proposing a tax exempt final dividend of 2 cents - the same as 2009.

Broadway remains undervalued and on undemanding historic PER of 4.7 times.   NAV for Broadway is S$1.07 - the same as the share price this morning.   The balance sheet continues to improve with total debt down to S$55.3mn from S$91.5mn with cash levels unchanged at around S435-40mn.  Receivables and payables match at about S$139mn.