Stock Name: KLCCP
Company Name: KLCC PROPERTY HOLDINGS BHD
Company Name: KLCC PROPERTY HOLDINGS BHD
| Research House: HLG | Price Call: BUY | Target Price: 3.46 |
KLCC Property (HOLD)
Results In-Line
- 9M FY11 net profit rose 234% yoy to RM657.6m, due to RN1.1bn of assetrevaluations in 3Q and change in financial year-end from Mar to Dec.
- However, normalized 9M PBT rose 6.5% yoy to RM458.6m, making up 73% ofour 12-month estimate, and we deem results to be in-line.
- The retail segment has done particularly well, with a 19.3% yoy rise in3Q revenue as their extensive efforts to improve tenant mix have paidoff.
- 5 sen single-tier second interim dividend was declared, bringing totaldividends for the year to 10.0 sen, in-line with our full-year forecast of 10.5sen
- Given the recent improvement in share price, we now downgrade to HOLDwith an unchanged target price of RM3.46 (15% discount to RNAV).
Source: HLIB Research 27 Feb 2012
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