| Publish date: Wed, 26 Jun 2013, 11:18 AM |
Hwang DBS Vickers Research has maintained a 'buy' call on TA Enterprise with a target price of RM1 as its first quarter nets profits for financial year 2014 was within expectation, led by gains from the disposal of investment securities and lower taxes.
In a research note today, the company said TA Enterprise's income from broking, hotels and property investments were largely in line.
"But development profits came in lower-than-expected due to slower pipeline launches, and this was offset by higher income from investment securities and gains from disposal of investment securities," it said.
Although TA Enterprise's broking business remained pressured by lower brokerage and proprietary trade income, the research house expected it to improve following the upsurge in daily trading volumes and values post general elections.
TAE (TA Enterprise) is the only stand-alone broker with a strong retail presence of 5.7 per cent market share, it added.-- Bernama