Stock Name: SUNWAY
Company Name: SUNWAY BERHAD
Above expectations. Sunway's 2011 core net profit of RM325.6m came in above our expectations but within consensus estimates. We believe the earnings gap was largely due to stronger-than-expected progress billings from the property division and a faster-than-expected turnaround in Sunway Putra Place (via SunREIT). We tweak our earnings forecasts by +1-3%. Our new target price is RM2.62 based on a 40% discount to RNAV. Hold.
Maybank Research 1 March 2012
Click here for full report
Company Name: SUNWAY BERHAD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 2.62 |
Above expectations. Sunway's 2011 core net profit of RM325.6m came in above our expectations but within consensus estimates. We believe the earnings gap was largely due to stronger-than-expected progress billings from the property division and a faster-than-expected turnaround in Sunway Putra Place (via SunREIT). We tweak our earnings forecasts by +1-3%. Our new target price is RM2.62 based on a 40% discount to RNAV. Hold.
Maybank Research 1 March 2012
Click here for full report
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