Stock Name: SIME
Company Name: SIME DARBY BHD
Sime Darby Property Bhd, a unit of Sime Darby (SIME MK, Hold, TP: RM9.82), is on track to achieve a gross sales value (GSV) of RM2.4bn in FYE 30 June 2012, said MD Datuk Wahab Maskan. He said the value would be mainly contributed by some 23 property projects under its Lifestyle Collection umbrella. "The promise that we gave to our parent company was to register a GSV of more than RM2bn. We are sure of reaching RM2.4bn," he told reporters. Wahab expects its profit to be sustained at between RM400m-RM500m for the current financial year. (Bernama)
Comment: Our FY12 forecast for Sime Darby's property segment is sales of RM2.1bn, which is slightly lower than their targeted sales of RM2.4bn, but our operating profit forecast of RM443m falls within their profit target of RM400-500m. Currently Sime has a balance landbank of 11,447 acres, where 2,700 acres are located in their existing townships and 8,747 acres are located in their future townships. Management has previously indicated they intend to launch 1 new township every 2 years. The property segment contributed 7% of Sime's earnings in FY11. We maintain our Hold call with a TP of RM9.82. (Aris Sharif)
Company Name: SIME DARBY BHD
| Research House: ECMLIBRA | Price Call: HOLD | Target Price: 9.82 |
Sime Darby Property Bhd, a unit of Sime Darby (SIME MK, Hold, TP: RM9.82), is on track to achieve a gross sales value (GSV) of RM2.4bn in FYE 30 June 2012, said MD Datuk Wahab Maskan. He said the value would be mainly contributed by some 23 property projects under its Lifestyle Collection umbrella. "The promise that we gave to our parent company was to register a GSV of more than RM2bn. We are sure of reaching RM2.4bn," he told reporters. Wahab expects its profit to be sustained at between RM400m-RM500m for the current financial year. (Bernama)
Comment: Our FY12 forecast for Sime Darby's property segment is sales of RM2.1bn, which is slightly lower than their targeted sales of RM2.4bn, but our operating profit forecast of RM443m falls within their profit target of RM400-500m. Currently Sime has a balance landbank of 11,447 acres, where 2,700 acres are located in their existing townships and 8,747 acres are located in their future townships. Management has previously indicated they intend to launch 1 new township every 2 years. The property segment contributed 7% of Sime's earnings in FY11. We maintain our Hold call with a TP of RM9.82. (Aris Sharif)
Source: ECM Newz Bits 30 March 2012
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