Friday, December 3, 2010

OSK Research maintains FV for Glomac at RM1.84

KUALA LUMPUR: OSK Research said Glomac's 1HFY11 results were spot on with its estimates and within consensus expectations when annualised.

It said on Friday, Dec 5 that after stripping out the RM4.9 million fair value gain on PROPERTIES [], its 1HFY11 turnover and core net profit improve significantly by 99% (+12% q-o-q) and 47% (+40% q-o-q) respectively on the back of higher progress billings from its high unbilled sales.

OSK Research said Glomac's latest unbilled sales stood at RM572 million (1.8 times FY10's turnover).

'Leaving our earnings forecast unchanged for now, we continue to value Glomac at RM1.84 based on 0.9 times CY11 P/NTA. Maintain BUY,' it said.

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