Friday, March 23, 2012

GLOMAC - 9M FY12 net profit in-line with estimate


Glomac (HOLD)
  • Glomac’s 9M FY12 net profit of RM63.5m was in-line with HLIB estimate (77%), but ahead of consensus (81%). 
  • An interim net dividend of 2.1 sen was declared.
  • Their township projects have done well, on track to hit RM120m sales apiece for FY12. 
  • Their two key projects in Bandar Utama and Mutiara Damansara are slated to launched in March, with GDV of RM370m and RM270 respectively.  Mutiara Damansara is fetching RM750 psf and has been 60% booked.  Centro @ Bandar Utama is priced from RM550psf onwards.
  • No change to our TP of RM0.87 (50% discount to RNAV). Maintain HOLD.  

Source: HLIB Research 23 March 2012
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