Stock Focus Country View gains 8% on higher profit, dividend

by **Cals** Wed 22 Jan 2014, 19:10

Stock Focus Country View gains 8% on higher profit, dividend

Business & Markets 2014

Written by Chong Jin Hun of theedgemalaysia.com

Wednesday, 22 January 2014 13:29

KUALA LUMPUR (Jan 22): Country View Bhd shares rose as much as 8% after the property developer reported higher profit and proposed dividend to shareholders.

At 12.30pm, Country View settled at RM3.33 with 177,700 shares done. The stock had earlier gained as much as 25 sen to RM3.50. This compares to the company's latest reported book value of RM2.35.

Analysts had earlier predicted that Country View will attract market interest. "Stocks to watch (include) Country View after the group posted a stellar fourth quarter result and plans for a 7 sen per share dividend," JF Apex Securities Bhd wrote in a note today.

Kenanga Investment Bank Bhd said from a technical viewpoint, Country View shares' immediate support and resistance are seen at RM3.04 and RM3.26 respectively.

Yesterday, Country View reported a net profit of RM22.1 million for its fourth quarter ended November 30, 2013, up 65% from RM13.4 million a year earlier. Revenue rose 40% to RM79.1 million from RM56.6 million.

Cumulative full-year net profit increased to RM77.8 million from RM38 million a year earlier while revenue rose to RM272.9 million from RM191.2 million.

Country View plans to pay a dividend of seven sen a share for the quarter in review. This brings total dividends for the year to 27 sen a share.

The full-year dividends translate into an 8% yield based on the stock's latest price of RM3.33, according to calculations by theedgemalaysia.com.

Bloomberg data show that at RM3.33, Country View is valued at RM333 million. The stock had risen 29% so far this year, outperforming the KLCI's 3% decline.

Country View shares had traded at a one-year intraday low of 93.6 sen on January 22, 2013 and subsequently reached a high of RM3.57 on June 11, 2013.