Stock Name: GLOMAC
Company Name: GLOMAC BHD
Maintain Hold. Glomac's RM35m 1HFY12 core net profit accounted for 45% of our and consensus full-year estimates. With close to RM50m (8.6sen/sh) net cash, Glomac is in a good position for accretive landbanking opportunities. We raise FY13-14 earnings forecasts by 4% and RNAV by 2sen. We now value Glomac at RM0.88 on a lower 40% discount (previously 50%). The formalization of BNM's prudent lending guidelines should remove surrounding policy risk.
Maybank research (5 December 2011)
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Company Name: GLOMAC BHD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 0.88 |
Maintain Hold. Glomac's RM35m 1HFY12 core net profit accounted for 45% of our and consensus full-year estimates. With close to RM50m (8.6sen/sh) net cash, Glomac is in a good position for accretive landbanking opportunities. We raise FY13-14 earnings forecasts by 4% and RNAV by 2sen. We now value Glomac at RM0.88 on a lower 40% discount (previously 50%). The formalization of BNM's prudent lending guidelines should remove surrounding policy risk.
Maybank research (5 December 2011)
Click here for full report
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