Stock Name: SCGlobal
Company Name: SC GLOBAL DEVELOPMENTS LTD
DBS Vickers Securities in an Aug 15 research report says: "SC Global's 88% jump in 2Q earnings to $46.3 million was due to recognition of progressive billings from the completion of The Hilltops development, which received TOP in Q2, as well as additional sales at The Marc, Seven Palms and Martin 38.
"One unit at The Marc was sold at a record $5,842psf (42% sold) as well as one unit at Seven Palms at $3,606psf. Martin 38 enjoyed higher take up rate of 73% vs 64% a quarter ago. In addition, AV Jennings recorded 34% increase in net profit to A$12.9 million for FYE June 2011.
"The stock is trading at 58% discount to our revised RNAV of $2.79, adjusted to account for lower share price of AV Jennings and at 0.76x P/BV. Our target price of $1.81 is pegged to the long term average discount of 35% to asset backing. MAINTAIN BUY."
Company Name: SC GLOBAL DEVELOPMENTS LTD
| Research House: DBS Vickers | Price Call: BUY | Target Price: 1.81 |
DBS Vickers Securities in an Aug 15 research report says: "SC Global's 88% jump in 2Q earnings to $46.3 million was due to recognition of progressive billings from the completion of The Hilltops development, which received TOP in Q2, as well as additional sales at The Marc, Seven Palms and Martin 38.
"One unit at The Marc was sold at a record $5,842psf (42% sold) as well as one unit at Seven Palms at $3,606psf. Martin 38 enjoyed higher take up rate of 73% vs 64% a quarter ago. In addition, AV Jennings recorded 34% increase in net profit to A$12.9 million for FYE June 2011.
"The stock is trading at 58% discount to our revised RNAV of $2.79, adjusted to account for lower share price of AV Jennings and at 0.76x P/BV. Our target price of $1.81 is pegged to the long term average discount of 35% to asset backing. MAINTAIN BUY."
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