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Hong Leong IB Research maintains Hold on Kimlun, cuts target price to RM1.54

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Hong Leong IB Research maintains Hold on Kimlun, cuts target price to RM1.54 Empty Hong Leong IB Research maintains Hold on Kimlun, cuts target price to RM1.54

Post by Cals Mon 02 Jun 2014, 23:56

Hong Leong IB Research maintains Hold on Kimlun, cuts target price to RM1.54
Business & Markets 2014
Written by theedgemalaysia.com   
Monday, 02 June 2014 08:56

KUALA LUMPUR (June 2): Hong Leong IB Research (HLIB) has maintained its Hold rating on Kimlun Corporation Bhd with a lower target price of RM1.54 (from RM1.63) and said while the company reported a strong 1Q PATAMI at RM19.9 million, this was masked by a one-off disposal of its land in Nilai worth RM46.46 million.

In a note Monday, the research house said Kimlun’s core 1Q earnings came in at RM9.1 million, making up 19-20% of HLIB and street’s estimates respectively.

It said the deviations stemmed from weaker margins for the construction segment as Kimlun was doing a number of high-rise projects now, while the takeup rate for the Hyve has been slower than expected.

“Therefore, we are reducing our FY14-15 forecast by 20-22%.

“Reduce target price from RM1.63 to RM1.54 based on unchanged 10x mid-FY14 earnings.
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