Affin Hwang Capital Research Highlights

HwangDBS Research Highlights - 10 Dec 2013

kltrader
Publish date: Tue, 10 Dec 2013, 10:48 AM
kltrader
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This blog publishes research highlights from Affin Hwang Capital Research.
Following Message

Traders Spectrum:
Land & General; Trading Buy; RM0.41
Fair Value: RM0.65; LGH MK
Making a comeback

Earnings on strong upward trajectory underpinned by ~RM800m unbilled sales (4x FY13 property development revenue) and RM1.5bn launch pipeline in prime locations. Improved balance sheet with net cash matching market cap; potential to declare dividends in FY14. Attractive valuation (0.3x P/RNAV, 5x FY14F PE). Fair value of RM0.65 based on 50% discount to RNAV of RM1.30, implying 57% upside potential. 

Source: HwangDBS Research - 10 Dec 2013

L&G (3174)
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