In the case of EcoWorld International, its mid-market projects under EcoWorld London have enjoyed resilient local demand throughout. International demand is on the rise for its UK projects with recent strong buying from Hong Kong as well as growing interest from other global markets. This bodes well for the Group’s sales prospects as international investors take advantage of the weak sterling to purchase UK residential properties, which continue to be highly sought after due to sustained tenancy demand and stable rents tracking inflation, particularly in London.
EWI’s 2QFY10/20 core net profit of MYR20m (>+100% YoY) was in line. Property sales however fell short due to the lack of en-bloc sales of build-to-rent (BtR) units in 8.5MFY20. Management is keeping its sales target of MYR2.2b for FY20 and is confident of securing at least one enbloc sale in FY20. We adjust our FY20-22 earnings forecasts by -50% to +15x. Our TP is raised to MYR0.38 (on an unchanged 0.3x PBV, -3SD of mean) as we roll over our base year for valuation. Our concerns remain on ECWI’s earnings visibility post 2021. Reiterate SELL. (Maybank IB 260620)
We revise our FY20/21/22 earnings forecasts by -50%/+26%/+15x [from MYR-0.7m loss] to factor in slower work progress in Wardian and Yarra One projects. Project handover for Wardian and Yarra One would be delayed to 4QFY20-1QFY21, from 3Q-4QFY20. We keep our FY20 sales assumption unchanged at MYR2.28b. Post-earnings adjustment, our RNAV estimate is largely intact at MYR1.51 (-1sen). ECWI’s net gearing stood at 0.5x, from 0.45x in end 1QFY20.
CGS-CIMB Research has maintained its “hold” rating on Eco World International Bhd (EWI) with an unchanged target price (TP) of 50 sen after the developer’s core net profit.... in short, ipo is just an exit plan. Best for trading amidst volatility and good supporters.
Everyone has access to research reports from different analysts. But have you seen they predict it correctly? If yes, everyone would get wealthy in stock market. When market up, they can upgrade its TP and market down, they downgrade despite no change to its financials and outlook. Analysts flick quite often
all like pro.. hmmm.. in fact if really compare with others, ewint are doing quite good.. no doubt slight delay of handover due to covid-19.. bit overall still manageable.. don't believe just stay tuned for next qr and compare with others property company
Haha Make good profit also said not good. Make loss said not good. This is the management that consistently replicating workable business model into different companies and countries
If we do not declare dividends (by the end of this year), by 2020 we must. We are handing over units and our cash flow will improve. Our profit will be substantial by the end of this year and the profit momentum is there,” Liew was reported saying by the weekly.
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....
abang_misai
2,576 posts
Posted by abang_misai > 2020-06-25 20:51 | Report Abuse
Kazai,
Can share link kah?
koowakzai
142 posts
Posted by koowakzai > Jun 25, 2020 8:27 PM | Report Abuse
Maybank IB new TP for EWINT 0.88