Stock Name: 2ndChance
Company Name: SECOND CHANCE PROPERTIES LTD
DMG & Partners Research in a Sept 2 research report says: "Second Chance achieved revenue growth of 6.0% y-o-y to $49.1 million and EBIT of $16.7 million (+14.1% y-o-y). PATMI grew 87.8% y-o-y to $30.1 million, exceeding our expectations, due to higher than expected revaluation gains.
"Second Chance recorded revaluation gains of $13.5 million (we were expecting S411.0 million). Going forward, we expect EBIT growth to remain stable, backed by stable rental income from its properties segment, and continued healthy demand for its retail businesses.
"However, gains from property revaluation are not likely to be as high as FY2011. We are estimating PATMI of $21.7 million (-28% y-o-y), EBIT (excluding revaluation gains) of $18.7 million (+12.0% y-o-y) in FY2012. Second Chance issued 1-for-4 bonus shares and declared dividends of 3.2 cents per share for FY2011. Target price of 53 cents. MAINTAIN BUY."
Company Name: SECOND CHANCE PROPERTIES LTD
| Research House: DMG | Price Call: BUY | Target Price: 0.53 |
DMG & Partners Research in a Sept 2 research report says: "Second Chance achieved revenue growth of 6.0% y-o-y to $49.1 million and EBIT of $16.7 million (+14.1% y-o-y). PATMI grew 87.8% y-o-y to $30.1 million, exceeding our expectations, due to higher than expected revaluation gains.
"Second Chance recorded revaluation gains of $13.5 million (we were expecting S411.0 million). Going forward, we expect EBIT growth to remain stable, backed by stable rental income from its properties segment, and continued healthy demand for its retail businesses.
"However, gains from property revaluation are not likely to be as high as FY2011. We are estimating PATMI of $21.7 million (-28% y-o-y), EBIT (excluding revaluation gains) of $18.7 million (+12.0% y-o-y) in FY2012. Second Chance issued 1-for-4 bonus shares and declared dividends of 3.2 cents per share for FY2011. Target price of 53 cents. MAINTAIN BUY."
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