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HLIB Research maintains Buy on Tambun Indah, raises target price to RM2.60

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HLIB Research maintains Buy on Tambun Indah, raises target price to RM2.60 Empty HLIB Research maintains Buy on Tambun Indah, raises target price to RM2.60

Post by Cals Wed 20 Aug 2014, 22:19

HLIB Research maintains Buy on Tambun Indah, raises target price to RM2.60
Business & Markets 2014
Written by theedgemalaysia.com   
Wednesday, 20 August 2014 08:40

KUALA LUMPUR (Aug 20): Hong Leong IB Research (HLIB) has maintained its Buy rating on Tambun Indah Land Bhd (TILB) with a higher target price of RM2.60 (from RM2.55) and said teh company’s 1H results were slightly ahead of house and street estimates (52% / 54%), due to a combination of robust topline growth and lower marketing expenses in 1H (up 49% y-o-y and down 18% y-o-y).
As expected, no dividends were declared in 1H14, HLIB said in a report Wednesday.
HLIB said it was encouraged by Tambun’s ability to maintain strong sales volume without the need to resort to cutting selling prices, which it said re-affirmed the research house’s positive view on the vibrant property scene on Penang mainland.
“Having raised our FY14-15E forecast, we also slightly increase our target price from RM2.55 to RM2.60 (based on unchanged 10% discount to RNAV), which values TILB at 8.4x FY15E P/E, vs. 10-18x for mid/large cap property developers.
“Maintain Buy,” it said.
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