Bursa Malaysia Stock Watch
Glomac: Upgrade to Buy - A small but sexy all-rounder
kltrader
Publish date: Thu, 15 Mar 2012, 09:55 AM
kltrader
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This blog provides consolidated Bursa Malaysia stock market research, analysis, news and blogs from various sources. You can search and find all the past analysis and coverage on stocks and news by searching within this site. While this blog re-publishes contents from other sites, it does not own the rights nor responsible for the accuracy of the contents. If you disagree to your content from being published here, please add a comment, and your article will be removed from this site.
Upgrade to Buy. Glomac is on track to hit its RM500m sales target for FY12 with successes in the soft-launch of its Glomac Centro (40-70% booked) and Reflection Residences (90% booked) projects. The conversion of just half of these RM440m bookings into actual sales would boost its unbilled sales by 40%, lifting short-term earnings visibility. We raise our earnings forecasts by 2-6% and target price to RM0.96 (unchanged 40% discount to RNAV). The stock deserves a re-rating trading at just 6x current year earnings and 0.8x book.
Maybank Research 15 March 2012
Click here for full report
Maybank Research 15 March 2012
Click here for full report
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