GLOMAC - 9M FY12 net profit in-line with estimate

Stock Name: GLOMAC
Company Name: GLOMAC BHD

Research House: HLG

Price Call: HOLD

Target Price: 0.87

Glomac (HOLD)

• Glomac's 9M FY12 net profit of RM63.5m was in-linewith HLIB estimate (77%), but ahead of consensus (81%). 
• An interim net dividend of 2.1 sen was declared.
• Their township projects have done well, on track tohit RM120m sales apiece for FY12. 
• Their two key projects in Bandar Utama and MutiaraDamansara are slated to launched in March, with GDV of RM370m and RM270respectively.  Mutiara Damansara is fetching RM750 psf and has been 60%booked.  Centro @ Bandar Utama is priced from RM550psf onwards.
• No change to our TP of RM0.87 (50% discount to RNAV).Maintain HOLD.  

Source: HLIB Research 23 March 2012