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NewsJF Apex Securities maintains Hold on GenP, raises target to RM10.73
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JF Apex Securities maintains Hold on GenP, raises target to RM10.73
by Cals Wed 24 Feb 2016, 03:12
JF Apex Securities maintains Hold on GenP, raises target to RM10.73
By theedgemarkets.com / theedgemarkets.com | February 23, 2016 : 8:18 AM MYTKUALA LUMPUR (Feb 23): JF Apex Securities has maintained its “Hold” rating on Genting Plantations Bhd (GenP) with a higher target price of RM10.73 (previous target price: RM9.67) based on SOP valuation, after adjusting for latest net debt position, Biotechnology latest book value and pegging plantations segment with PER of 18x.
In a note today, the research house said GenP reported net profit of RM59.4 million for its 4QFY15.
It saoid the quarterly net profit increased 52.0% q-o-q but decreased 56.9% y-o-y.
“By adjusting the forex exchange loss of RM4.602 million, core net profit for 4QFY15 stood at RM63.5 million, soared 82.4% q-o-q but inched down 56.9% y-o-y.
“Within expectations. 12MFY15 core net profit for the Group after stripping out: 1.) Forex loss of RM20.89 million, 2.) Gain on disposal of subsidiaries of RM1.114 million and 3.) Gain on sale of land of RM4.053 million, was derived at RM206.9 million, decreased 45.8% y-o-y.
“The core net profit was in line with ours and consensus expectation by meeting 99.5% and 99% of full year net earnings respectively,” it said.
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