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HLIB Research maintains Hold on Sunway REIT, ups target price to RM1.32

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HLIB Research maintains Hold on Sunway REIT, ups target price to RM1.32 Empty HLIB Research maintains Hold on Sunway REIT, ups target price to RM1.32

Post by Cals Wed 06 Aug 2014, 01:01

HLIB Research maintains Hold on Sunway REIT, ups target price to RM1.32
Business & Markets 2014
Written by theedgemalaysia.com   
Tuesday, 05 August 2014 08:32

KUALA LUMPUR (Aug 5): Hong Leong IB Reseach (HLIB) has maintained its Hold rating on Sunway REIT (SREIT) with a higher target price of RM1.32 and said the REIT’s 9 month revenue and net profit were ahead of the research house’s  FY14 forecast due to car park income, which HLIB had not factored into its  forecast.
In a note Tuesday, HLIB however said its psf rental estimates for its assets are largely in-line with management’s guidance.
It said SREIT does not provide breakdown for car park income for its portfolio assets.
“Our adjustments are mainly for Menara Sunway, Sunway Tower and Sunway Carnival. We increase our FY14-16 forecast by 1.3-4.9% factor in the revenue contribution from car park income, and estimate FY15 EPU growth to be 13.5% when Sunway Putra Mall re-opens in 3Q FY15.
“We previously imputed 6 months’ earnings contribution in FY15 from Sunway Putra Mall but now impute 5 months, to be conservative.
“We raise our target price to RM1.32, but maintain Hold given the likelihood of a further OPR rate hikes later this year,” it said.
 
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