Bursa Malaysia Stock Watch

Sunway Berhad: Maintain Hold - Property boost

kltrader
Publish date: Thu, 01 Mar 2012, 09:18 AM
kltrader
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Above expectations. Sunway's 2011 core net profit of RM325.6m came in above our expectations but within consensus estimates. We believe the earnings gap was largely due to stronger-than-expected progress billings from the property division and a faster-than-expected turnaround in Sunway Putra Place (via SunREIT). We tweak our earnings forecasts by +1-3%. Our new target price is RM2.62 based on a 40% discount to RNAV. Hold.

Maybank Research 1 March 2012

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