Stock Name: GLOMAC
Company Name: GLOMAC BHD
Upgrade to Buy. Glomac is on track to hit its RM500m sales target for FY12 with successes in the soft-launch of its Glomac Centro (40-70% booked) and Reflection Residences (90% booked) projects. The conversion of just half of these RM440m bookings into actual sales would boost its unbilled sales by 40%, lifting short-term earnings visibility. We raise our earnings forecasts by 2-6% and target price to RM0.96 (unchanged 40% discount to RNAV). The stock deserves a re-rating trading at just 6x current year earnings and 0.8x book.
Maybank Research 15 March 2012
Click here for full report
Company Name: GLOMAC BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 0.96 |
Upgrade to Buy. Glomac is on track to hit its RM500m sales target for FY12 with successes in the soft-launch of its Glomac Centro (40-70% booked) and Reflection Residences (90% booked) projects. The conversion of just half of these RM440m bookings into actual sales would boost its unbilled sales by 40%, lifting short-term earnings visibility. We raise our earnings forecasts by 2-6% and target price to RM0.96 (unchanged 40% discount to RNAV). The stock deserves a re-rating trading at just 6x current year earnings and 0.8x book.
Maybank Research 15 March 2012
Click here for full report
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