Maintain HOLD. SPSB’s1HFY10/12 net profit came in as expected. The
company is on track to meet its MYR4b sales target, with YTD locked-in
sales of MYR2.1b. Unbilled sales remain healthy at MYR3.4b (1.1x our
FY10/13 forecast). We adjust our FY10/12-14 earnings forecasts by -2.7%
to +7.5% and TP by +10sen to MYR4.10 (10% discount to RNAV of MYR4.56).
Surprises could come from its potential involvement in government land
development.
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Source: Maybank Research - 22 June 2012
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