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JF Apex Research ups target price for Tambun Indah to RM1.81

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JF Apex Research ups target price for Tambun Indah to RM1.81 Empty JF Apex Research ups target price for Tambun Indah to RM1.81

Post by Cals Tue 29 Apr 2014, 22:05

JF Apex Research ups target price for Tambun Indah to RM1.81
Business & Markets 2014
Written by theedgemalaysia.com   
Tuesday, 29 April 2014 08:37

KUALA LUMPUR (April 29): JF Apex Research has maintained its Hold rating on Tambun Indah Land Bhd (TILB) with a higher target price of RM1.81 (from RM1.63) and said TILB achieved 1Q14 net profit of RM25.3 million (+116% y-o-y; +14% q-o-q) which was in line with the research house’s forecast, accounting for 28% of its full year estimates.

In a note Tuesday, the research house said the stronger year-on-year performance was mainly due to increase in billings, higher take-up rates for the on-going projects especially for the Pearl City and Simpang Ampat, and lower minority interest incurred following its increase of stake in the projects.

It said that going forward TILB continues to enjoy strong earnings visibility judging from its sizeable unbilled sales of RM470 million, which represents 1.3x of its 2013 revenue.  

 “No change to our 2014-15F earnings forecasts.


 


“However, we upgraded our target price for Tambun Indah (Hold call) from RM1.63 to RM1.81 after applying zero discount to our RNAV/share as we believe the Group is able to unlock its landbank value in Seberang Prai sooner-than-expected in view of current property boom in the area,” it said.
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