Stock Name: YNHPROP
Company Name: YNH PROPERTY BHD
FY11 net profit declined 19% yoy to RM46.1m, making up only 83% and 76% of HLIB and consensus estimates respectively.
This was mostly due to the heavy development costs for new Jaya Jusco mall in Manjung, which we had not factored in; we have rectified this by reducing FY12 net profit forecast by53%.
Good news from Klang Valley,as Fraser Residence enters its superstructure phase and Kiara 163 finally takes off. The SOHO units (GDV: RM200m) are 50% sold and the serviced apartments (580 units, GDV:RM600m) are now open for booking.
Rolling over our numbers, our PT is virtually unchanged from RM2.73 to RM2.74 (maintain 40% discount to RNAV, post forecast adjustments), implying 48% upside. BUY
Source: HLB Research 24 Feb 2012
Company Name: YNH PROPERTY BHD
| Research House: HLG | Price Call: BUY | Target Price: 2.74 |
FY11 net profit declined 19% yoy to RM46.1m, making up only 83% and 76% of HLIB and consensus estimates respectively.
This was mostly due to the heavy development costs for new Jaya Jusco mall in Manjung, which we had not factored in; we have rectified this by reducing FY12 net profit forecast by53%.
Good news from Klang Valley,as Fraser Residence enters its superstructure phase and Kiara 163 finally takes off. The SOHO units (GDV: RM200m) are 50% sold and the serviced apartments (580 units, GDV:RM600m) are now open for booking.
Rolling over our numbers, our PT is virtually unchanged from RM2.73 to RM2.74 (maintain 40% discount to RNAV, post forecast adjustments), implying 48% upside. BUY
Source: HLB Research 24 Feb 2012
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