Stock Name: Amara
Company Name: AMARA HOLDINGS LTD
CIMB in a Nov 11 research report says: "9M11 earnings form 48% of our FY2011 estimate. This is broadly in line as we expect back-loaded contributions from residential sales.
"We view this positively as higher hotel revenue more than offset the absence of rental income from Amara Shopping Centre (closed for renovation in Jun). Earnings increased slightly y-o-y due to lower depreciation charges and taxes.
"We cut our FY2011-2013 to factor in a slowdown in RevPar growth and lower our target price to 47 cents from 31 cents (still at 50% disc to RNAV). At 0.9x P/BV and 0.3x RNAV, Amara remains substantially undervalued, we believe. MAINTAIN OUTPERFORM."
Company Name: AMARA HOLDINGS LTD
| Research House: CIMB | Price Call: BUY | Target Price: 0.47 |
CIMB in a Nov 11 research report says: "9M11 earnings form 48% of our FY2011 estimate. This is broadly in line as we expect back-loaded contributions from residential sales.
"We view this positively as higher hotel revenue more than offset the absence of rental income from Amara Shopping Centre (closed for renovation in Jun). Earnings increased slightly y-o-y due to lower depreciation charges and taxes.
"We cut our FY2011-2013 to factor in a slowdown in RevPar growth and lower our target price to 47 cents from 31 cents (still at 50% disc to RNAV). At 0.9x P/BV and 0.3x RNAV, Amara remains substantially undervalued, we believe. MAINTAIN OUTPERFORM."
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