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NewsHLIB Research upgrades Sunway to Buy, raises target price to RM3.65
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HLIB Research upgrades Sunway to Buy, raises target price to RM3.65
by Cals Thu 20 Nov 2014, 01:40
HLIB Research upgrades Sunway to Buy, raises target price to RM3.65
KUALA LUMPUR (Nov 19): Hong Leong IB Research (HLIB) has upgraded Sunway Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) to a Buy with a higher target price of RM3.65 (from RM3.55) and said the company’s 9MFY14 core PATAMI came above expectations due to wider-than-expected margins from property development.
In a note Wednesday, HLIB said Sunway’s 9MFY14 revenue of RM3.4 billion showed a growth of 5% year-on-year mainly coming from the stronger sales in property development, construction, quarry and healthcare segments.
“No material updates on SunCon to date, apart from the recent announcement on the changes in numbers of shares offered in the proposed listing of SunCon following the exercise of warrants and ESOS (ratio of 1 SunCon for every 10 Sunway shares remained unchanged).
“We tweaked our margins higher hence FY14-15 is up by 7.1-7.2%. Post earnings revision, our target price is upgraded to RM3.65 from RM3.55, based on SOP valuation.
“We upgraded our recommendation to Buy as we remain optimistic with the group, especially with its proposed listing of SunCon as it would further enhance shareholders’ value,” it said.
KUALA LUMPUR (Nov 19): Hong Leong IB Research (HLIB) has upgraded Sunway Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) to a Buy with a higher target price of RM3.65 (from RM3.55) and said the company’s 9MFY14 core PATAMI came above expectations due to wider-than-expected margins from property development.
In a note Wednesday, HLIB said Sunway’s 9MFY14 revenue of RM3.4 billion showed a growth of 5% year-on-year mainly coming from the stronger sales in property development, construction, quarry and healthcare segments.
“No material updates on SunCon to date, apart from the recent announcement on the changes in numbers of shares offered in the proposed listing of SunCon following the exercise of warrants and ESOS (ratio of 1 SunCon for every 10 Sunway shares remained unchanged).
“We tweaked our margins higher hence FY14-15 is up by 7.1-7.2%. Post earnings revision, our target price is upgraded to RM3.65 from RM3.55, based on SOP valuation.
“We upgraded our recommendation to Buy as we remain optimistic with the group, especially with its proposed listing of SunCon as it would further enhance shareholders’ value,” it said.
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