You might recall I re-initiated a position back in Ho Bee Land just a month ago. You can refer to the earlier post here. The company announced its Q3 results today after market trading which I thought was pretty good. The first that was brought to my attention was the recurring income from the rental. Unlike the model of my other vested company FEO, Ho Bee recurring income has steadily increased over the years and we are seeing another quarter of increase from this quarter. Year on year, the recurring income was up 12.4% to $39m in Q3, so if we extrapolate that to 4 full quarters, we should see it reach at around $160m. This was higher than my earlier expectation of $150m which I forecast when I bought earlier. It could be well due to the favorable pounds exchange rate in recent times. There was nothing much ......