Maintain Hold. Glomac's RM35m 1HFY12 core net profit accounted for 45%
of our and consensus full-year estimates. With close to RM50m
(8.6sen/sh) net cash, Glomac is in a good position for accretive
landbanking opportunities. We raise FY13-14 earnings forecasts by 4% and
RNAV by 2sen. We now value Glomac at RM0.88 on a lower 40% discount
(previously 50%). The formalization of BNM's prudent lending guidelines
should remove surrounding policy risk.
Maybank research (5 December 2011)
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