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NewsJF Apex Securities upgrades Tambun Indah to Buy, target RM1.51
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JF Apex Securities upgrades Tambun Indah to Buy, target RM1.51
by Cals Thu 19 May 2016, 23:29
JF Apex Securities upgrades Tambun Indah to Buy, target RM1.51
By theedgemarkets.com / theedgemarkets.com | May 19, 2016 : 8:31 AM MYTKUALA LUMPUR (May 19): JF Apex Securities has upgraded Tambun Indah Land Bhd (TILB) to “Buy” (from Hold) with an unchanged target price of RM1.51 and said it sees value re-emerging following recent weakness in share price and improved risk-reward.
In a note today, the research house said its valuation for TILB is based on 30% discount to our fully-diluted RNAV/share of RM2.16.
Our target price also implies 6.4x 2016F fully-diluted PE.
JF Apex said TILB posted 1Q16 net earnings of RM23.6 million, flat q-o-q and down 21.1% y-o-y.
It said that similarly, revenue was down by 2.0% q-o-q and 31.5% y-o-y.
“The Group’s net income accounted for 24% and 23% of market estimates and our full year net earnings forecast respectively.
“We reckon that the Group’s sales are back on track with its major concentration in affordable housing segment (less than RM450,000-RM500,000) which aims at genuine home buyers.
“Despite lingering cautious market sentiment on the property sector, we advise investors to accumulate the stock in view of its undemanding valuation, currently trading at 5.8x 2016F fully-diluted PE.
“Also, we believe the stock renders limited downside risk pursuant to easing concern on APDL issue and share price is well supported by its attractive dividend yield of 6.9%,” it said.
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