Results in line. Glomac's 9MFY12 core net profit (+19% YoY)
came in as expected. A 2.75sen interim gross DPS was also in line. We
remain positive on Glomac for its cheap valuations and attractive 4.6%
net dividend yield. 2012-14 earnings will be driven by RM418m in
property sales achieved in FY11 and new launches like Reflection
Residences, Glomac Centro and Glomac Puchong. We maintain our earnings
forecasts and RM0.96 target price (based on a 40% discount to its RM1.59
RNAV). Buy.
Maybank Research - 23 March 2012
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