Period 4Q12
Actual vs. Expectations
FY12 reported earnings of RM124m exceeded expectations by
19% of the street’s FY12E RM107m and 36% of our RM91m. Results were higher due
to better than expected cost control effort and higher billings and sales.
Another reason was the higher than expected fair value gains on Tesco@Seri
Tanjung Pinang (STP) sale of RM65m vs. the previous guidance of RM58m.
Dividends Proposed a first and final GDPS of 4.25 sen (3.0%
yield), which exceeded our initial estimate of 3.2 sen.
Key Results Highlights
YoY, FY12 earnings grew 74% largely due to the RM65m fair
value gain arising from Tesco@STP. Furthermore, FY12 sales increased by 31% to RM787m
due to Quayside Seafront Resort Condo @ STP and JCE contributions from St
Mary.
Change to Forecasts
No changes to FY13E estimates.
CEASING COVERAGE
Although the stock has exceeded our expectations, we are
ceasing coverage on the stock (coverage since 2007) as we are rationalising our
coverage universe. Our last TP for the stock was at RM1.49.
Source: Kenanga
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