UOA Development - Missed launch and sales targets
UOA Dev's 9MFY14 core net profit was broadly in line with expectations as it made up 69% of our full-year forecast and 75% of consensus estimates. 9M new sales amounted to RM1.37bn, of which nearly half came from 3Q. However, UOA Dev is unlikely to match 2013's record sales of around RM2bn due to launch delays. This is a disappointment. We cut our FY15-16 EPS forecasts by 5-10% and downgrade the stock from Add to Hold, after widening the target basis from 20% discount to RNAV to 30% as we factor in the missed launch and sales targets. The relatively high dividend yield of 5-6% remains the key reason to hold on to the stock. For exposure to the property sector, investors should switch to Mah Sing Group.
Hovid Bhd - Decent start to FY15
Hovid’s 1QFY6/15 core net profit was broadly in line, making up 27% of our and consensus full-year forecasts. Its sales and profit margin improved marginally due to higher selling prices and a favourable foreign exchange rate. As expected, no dividend was declared. We trim our FY15-17 EPS by 1-2% after updating our financial model with the latest numbers from its annual report. We keep our SOP-based target price at RM0.41, but upgrade it to Hold from Reduce as its share price has corrected by 18% since we downgraded it to Reduce in Aug 14. We prefer Pharmaniaga for its higher upside.
7-Eleven Malaysia Holdings Berhad - More to come
BIMB Holdings - Signs of weaknesses in underlying trend
Eksons Corporation - Backed by cash
Hong Leong Bank - Non-interest income dampener
IJM Corp Bhd - Construction piles up numbers
KPJ Healthcare - Hale and hearty in 3Q
Perdana Petroleum - Making waves with a record quarter and a surprise dividend
Ta Ann - Lifted by strong log earnings
UMW Oil & Gas - Middle East fuels future growth
Uzma - Fuelled by new acquisitions
WCT Holdings - Re-strategising for 2015
No comments:
Post a Comment