KUALA LUMPUR: RHB Research Institute said Glomac's share price increased by about 6%-7% from last week in anticipation of the good set of results.
The research house said on Friday, April 1 that as it had previously underestimated the GDV for the newly acquired Puchong land (actual GDV is RM800 million), its indicative fair value is raised to RM2.03 (from RM1.93) based on an unchanged 25% discount to its revised RNAV.
'Given an upside of 13%, we maintain our Market Perform rating on the stock. The stock would be appealing to investors who are looking for yields,' it said.
RHB Research said Glomac's 3QFY11 net profit of RM17.3m (+55.2% yoy; +4% qoq) beat our expectation by 9% and consensus by 12%, on an annualised basis.
Turnover in 3QFY11 was more than double of the same period last year, mainly contributed by Glomac Tower, Glomac Damansara, Glomac Cyberjaya, Bandar Saujana Utama and Seri Bangi. 9MFY11 revenue and net profit recorded an impressive growth of 108% and 69.5%, respectively. A 4.5 sen interim dividend was declared for the quarter.
The research house said on Friday, April 1 that as it had previously underestimated the GDV for the newly acquired Puchong land (actual GDV is RM800 million), its indicative fair value is raised to RM2.03 (from RM1.93) based on an unchanged 25% discount to its revised RNAV.
'Given an upside of 13%, we maintain our Market Perform rating on the stock. The stock would be appealing to investors who are looking for yields,' it said.
RHB Research said Glomac's 3QFY11 net profit of RM17.3m (+55.2% yoy; +4% qoq) beat our expectation by 9% and consensus by 12%, on an annualised basis.
Turnover in 3QFY11 was more than double of the same period last year, mainly contributed by Glomac Tower, Glomac Damansara, Glomac Cyberjaya, Bandar Saujana Utama and Seri Bangi. 9MFY11 revenue and net profit recorded an impressive growth of 108% and 69.5%, respectively. A 4.5 sen interim dividend was declared for the quarter.
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