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Hot Stock SHL Consolidated among top gainers after RHB Research starts coverage

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Hot Stock SHL Consolidated among top gainers after RHB Research starts coverage Empty Hot Stock SHL Consolidated among top gainers after RHB Research starts coverage

Post by Cals Thu 25 Sep 2014, 01:16

Hot Stock SHL Consolidated among top gainers after RHB Research starts coverage
Business & Markets 2014
Written by Surin Murugiah of theedgemalaysia.com   
Wednesday, 24 September 2014 09:49

KUALA LUMPUR (Sept 24): SHL Consolidated Bhd shares were among the top gainers in early trade on Wednesday after RHB Retail Reseach initiated coverage on the stock at RM3.14 with a buy rating and fair value of RM5.
At 9.47am, SHL rose 46 sen to RM3.60 with 538,600 shares traded.
In a note Wednesday, the research house said that with total net cash of RM289.0 million on hand, equivalent to 38% of its total market capitalisation of RM760.3 million, the company justified the research house’s valuation of FY15F ex-net cash P/E of 7.8x.
“All in, we like SHL for its: i) prudent management, ii) high margins arising from low land cost and operating cost, iii) RM1.5 billion GDV Goodview Heights as its main earnings driver, and iv) RM289.0 million net cash.
“Given its strong cash position, we believe SHL would be one of the few property players in Malaysia that would be able to adopt the build-then-sell (BTS) model.
“We expect a net profit CAGR of 31.7% from FY13-15F. At the current share price, SHL still offers a decent FY15F net dividend yield of 6.4%,” it said.
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