The Star Online: Business

Affin Research maintains "Buy" on Tropicana
Midf Research maintains its "Buy" call on Glomac
Trading ideas: Perisai, IHH Healthcare, Mah Sing

Affin Research maintains "Buy" on Tropicana

Posted: 25 Jun 2013 06:59 PM PDT

Published: Wednesday June 26, 2013 MYT 10:00:00 AM

KUALA LUMPUR: Affin Research is maintaining its "Buy" call on Tropicana Corporation Bhd with a target price of RM2.50 due to its high project concentration in the high-rise and integrated segment.

It said Tropicana has a sizeable gross development value of RM70bil which are spread across key property hotspots where Klang Valley is valued at RM34.5bil, Iskandar Malaysia RM25.2bil and Penang at RM10.2bil.

"Tropicana plans to launch RM3bil worth of new properties in 2013, a 250% jump from RM1.2bil in 2012.

"We view Tropicana's RM3bil property launches pipeline favourably and expect the group to achieve a strong property sales of RM2.1bil for 2013, up 113% on-year, slightly ahead of management's target of RM2bil," it said.

It said Tropicana is also including include a de-gearing exercise via the disposal of land parcels and non-core investment assets, institutionalisation of shareholders base and establishment of an informal policy to payout 40% of earnings.

Midf Research maintains its "Buy" call on Glomac

Posted: 25 Jun 2013 06:28 PM PDT

Published: Wednesday June 26, 2013 MYT 9:28:00 AM

KUALA LUMPUR: Midf Equities Research is maintaining its "Buy" call on Glomac Bhd with a target price of RM1.46 due to its record sales, core developments and the unofficial dividend payout ratio of 40%.

It said Glomac posted record earnings of RM101.5mil in its financial year 2013, where its earnings grew 2.1% on-year from lower minority interest which was RM6.1mil from RM34.4mil in 2012.

"Lower minority interest was mainly due to the completion of Glomac Tower. Glomac Tower was a 51% owned development which was completed in financial year 2012," it said.

It added Glomac sales increased by 21% on-year to RM802mil in 2013 due to the consistent sales from township developments, successful launch of new flagship development and strong take up rate of strategically located mixed developments.

"Township projects like Saujana Rawang and Bandar Saujana Utama in Sungai Buloh collectively contributed RM200mil-RM300mil for each of the past three financial years. Maiden launch of its flagship development, Lakeside Residence had generated strong interest with a take up rate of 94% for the RM276mil worth of properties," it said.

Midf said Glomac has also set new records with total sales of RM802mil, unbilled sales of RM888mil as at end financial year 2013, and full year dividend of 6.5sen which is a 44% payout.

"Glomac plans to launch RM1.3bil worth of developments in financial year 2014 in order to achieve 10%-12% growth in sales," it said.

Trading ideas: Perisai, IHH Healthcare, Mah Sing

Posted: 25 Jun 2013 05:45 PM PDT

Published: Wednesday June 26, 2013 MYT 8:45:00 AM

KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) expects Perisai Petroleum, IHH Healthcare and Mah Sing to attract trading interest on Wednesday as the market stages a technical rebound.

The research house said Perisai Petroleum is targeting a 30% growth in profit for the next three years while IHH Healthcare aims to grow its revenue by strong double-digits this year.

As for Mah Sing, the property developer indicated that it was on track to achieve its RM3bil sales projection for 2013.

On the market outlook, HDBSVR said a technical rebound was on the cards for the Malaysian equities.

"The benchmark FBM KLCI could recoup parts of its cumulative loss of 45.4 points or 2.6% (suffered over the last five successive days) as it makes its way towards the immediate support-turned-resistance line of 1,750 ahead.

"Essentially, Asian equities may track an overnight rise on Wall Street. Leading US bellwethers rose between 0.7% and 0.9% at the closing bell on hopes that its economic recovery remains on track," it said.

Kredit: www.thestar.com.my

Selasa, 25 Jun 2013