Journey to Wealth
Eastern & Oriental - Ceased Coverage - 29 May 2012
Period 4Q12
Actual vs. Expectations
FY12 reported earnings of RM124m exceeded expectations by 19% of the street's FY12E RM107m and 36% of our RM91m. Results were higher due to better than expected cost control effort and higher billings and sales. Another reason was the higher than expected fair value gains on Tesco@Seri Tanjung Pinang (STP) sale of RM65m vs. the previous guidance of RM58m.
Dividends Proposed a first and final GDPS of 4.25 sen (3.0% yield), which exceeded our initial estimate of 3.2 sen.
Key Results Highlights
YoY, FY12 earnings grew 74% largely due to the RM65m fair value gain arising from Tesco@STP. Furthermore, FY12 sales increased by 31% to RM787m due to Quayside Seafront Resort Condo @ STP and JCE contributions from St Mary.
Change to Forecasts
No changes to FY13E estimates.
CEASING COVERAGE
Although the stock has exceeded our expectations, we are ceasing coverage on the stock (coverage since 2007) as we are rationalising our coverage universe. Our last TP for the stock was at RM1.49.
Source: Kenanga
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
