Stock Name: BukitSem
Company Name: BUKIT SEMBAWANG ESTATES LTD
CIMB in a May 24 research report says: "FY2012 core profit came in below at 89% of our full year and consensus on lower profit recognitions. FY2013 earnings will continue to be propped up by pre-sales on completion of Luxus Hills phase 2 and Verdure later in the year. "The company’s balance sheet continued to strengthen, ending FY2012 with a $23 million net cash position (3Q11: 0.01x net gearing). FY2012 dividends of 18 cents exceeded expectations at 26% of NPAT (vs. 18% in prior years), and 4% yield on current share price. We introduce FY2015 and adjust FY2013-2014 on recognition timing. "Our RNAV/target price of $5.72 (40% discount to RNAV) dips on higher operating costs factored in. At 0.9x P/BV, the stock trades below its 10-year historical average of 2.0x despite landed landbank booked at >$1 billion below estimated development value. MAINTAIN OUTPERFORM."
Company Name: BUKIT SEMBAWANG ESTATES LTD
| Research House: CIMB | Price Call: BUY | Target Price: 5.72 |
CIMB in a May 24 research report says: "FY2012 core profit came in below at 89% of our full year and consensus on lower profit recognitions. FY2013 earnings will continue to be propped up by pre-sales on completion of Luxus Hills phase 2 and Verdure later in the year. "The company’s balance sheet continued to strengthen, ending FY2012 with a $23 million net cash position (3Q11: 0.01x net gearing). FY2012 dividends of 18 cents exceeded expectations at 26% of NPAT (vs. 18% in prior years), and 4% yield on current share price. We introduce FY2015 and adjust FY2013-2014 on recognition timing. "Our RNAV/target price of $5.72 (40% discount to RNAV) dips on higher operating costs factored in. At 0.9x P/BV, the stock trades below its 10-year historical average of 2.0x despite landed landbank booked at >$1 billion below estimated development value. MAINTAIN OUTPERFORM."
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