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Author: Tan KW   |   Latest post: Thu, 26 Nov 2020, 11:00 PM

 

【行家论股/视频】华阳 利淡出尽反弹可期

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https://youtu.be/xJmEWuePLR0

分析:达证券

目标价:27仙

最新进展:

由于市况不稳,华阳(HUAYANG,5062,主板产业股)2021财年只会推出总值2.02亿令吉的产业项目,而认购率超过30%的Aston Acacia项目,会支撑本财年销售表现。

随着建筑工程自7月复工,公司管理层预计本财年还能获利,并通过拥屋计划(HOC),来销售总值约2.3亿令吉库存和进行中的项目。

 

行家建议:

虽然销售和建筑工程料在下半财年跟上,但我们认为该公司全年依然会蒙亏,主要是上半财年已录得1420万令吉核心净亏损,及可能受到联号公司玛拿第一(MAGNA,7617,主板产业股)的拖累。

即便如此,我们估计产业销售回升,有助带动明后财年业绩逐步复苏,因此维持今明后财年的盈利预估不变。

我们也看好公司积极销售库存和进行中的项目,可激励未来的获利前景和资产负债表走强。

管理层也预测,负债率会在本财年底进一步降低;目前净负债已走低至0.55倍,现金余额高达1950万令吉。

另外,华阳会在下个月完成脱售莎阿南的土地,假设该土地的估值比1.7亿令吉市价折半,就可能会录得8500万令吉收益,可用来偿还子公司拖欠的3780万令吉定期贷款。

我们看好这项最新进展,因为偿还债务后,华阳便可专心推出新项目。

同时,维持27仙目标价,但将原本的“卖出”评级,调高至“买入”,因为相信大部分利淡因素已经反映。

 

 

https://www.enanyang.my/行家论股/【行家论股视频】华阳-利淡出尽反弹可期

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Labels: HUAYANG

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Chart Stock Name Last Change Volume 
HUAYANG 0.235 -0.005 (2.08%) 124,200 

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