Bursa Malaysia Stock Watch
Sunway (BUY) - A good year
kltrader
Publish date: Thu, 01 Mar 2012, 06:16 PM
kltrader
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Sunway (BUY)
A good year
- FY11 posted core earnings of RM325m (25.2 sen/share) beating ours andstreets' estimates by 8% and 7% respectively.
- Results review' 4Q core earnings cameas a positive surprise, growing by 6% QoQ to RM99.3m.
- Red in China'On the other hand, the Group's China operations suffered lossesmainly for its property development in Jiangyin.
- EI' During the quarter, there was atotal EI gain of RM24.5m whereby the majority of it was for +RM30.9mrevaluation gain in property investments and -RM5.3m reversal of taxation.
- Strong Singaporesales' Achieved new property sales of RM784m during the quartercompared to RM454m in 3Q (2Q: RM481m, 1Q: RM403m), bringing YTD newproperty sales to ~RM2.1bn.
- Earnings visibility' Overall, Sunway'soutstanding construction order book stands at ~RM2.3bn, translating to ~1.8xFY11's revenue, while its property unbilled sales of ~RM1.8bn (see Figure #2)translates to 2x FY11's property revenue.
- TP of revised upwards by 2.5% to RM3.20 based on SOP valuation.
Source: HLIB Research 1 March 2012
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