Stock Name: GLOMAC
Company Name: GLOMAC BHD
Results in line. Glomac's 9MFY12 core net profit (+19% YoY) came in as expected. A 2.75sen interim gross DPS was also in line. We remain positive on Glomac for its cheap valuations and attractive 4.6% net dividend yield. 2012-14 earnings will be driven by RM418m in property sales achieved in FY11 and new launches like Reflection Residences, Glomac Centro and Glomac Puchong. We maintain our earnings forecasts and RM0.96 target price (based on a 40% discount to its RM1.59 RNAV). Buy.
Maybank Research - 23 March 2012
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Company Name: GLOMAC BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 0.96 |
Results in line. Glomac's 9MFY12 core net profit (+19% YoY) came in as expected. A 2.75sen interim gross DPS was also in line. We remain positive on Glomac for its cheap valuations and attractive 4.6% net dividend yield. 2012-14 earnings will be driven by RM418m in property sales achieved in FY11 and new launches like Reflection Residences, Glomac Centro and Glomac Puchong. We maintain our earnings forecasts and RM0.96 target price (based on a 40% discount to its RM1.59 RNAV). Buy.
Maybank Research - 23 March 2012
Click here for full report
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