Stock Name: BukitSem
Company Name: BUKIT SEMBAWANG ESTATES LTD
Research House: CIMB
CIMB in a May 25 research report says: "4Q11 core net profit of $14.4 million is below our expectation and the Street's, at 9% of our FY2011 estimate. FY2011 core net profit forms 92% of our forecast.
"The variance was due to higher-than-expected cost of sales. Positives, however, came from a higher final dividend of 12 cents (3% yield), lower net gearing and guidance of launches of Luxus Hills Phase 5 and Fairways in FY2012.
"We reduce our FY2012-2013 EPS estimates by 6-13%, factoring in slower sales at The Vermont, and introduce FY2014 estimates. Our target price, however, is unchanged at $5.86, pegged at a 30% discount to RNAV. MAINTAIN OUTPERFORM."
Company Name: BUKIT SEMBAWANG ESTATES LTD
Research House: CIMB
CIMB in a May 25 research report says: "4Q11 core net profit of $14.4 million is below our expectation and the Street's, at 9% of our FY2011 estimate. FY2011 core net profit forms 92% of our forecast.
"The variance was due to higher-than-expected cost of sales. Positives, however, came from a higher final dividend of 12 cents (3% yield), lower net gearing and guidance of launches of Luxus Hills Phase 5 and Fairways in FY2012.
"We reduce our FY2012-2013 EPS estimates by 6-13%, factoring in slower sales at The Vermont, and introduce FY2014 estimates. Our target price, however, is unchanged at $5.86, pegged at a 30% discount to RNAV. MAINTAIN OUTPERFORM."
No comments:
Post a Comment