Saturday, September 7, 2013

Sunway : Unexpected 5 Sen Interim Dividend (RHB)

Sunway
Target Price: MYR3.52
Price: MYR2.75
Unexpected 5 Sen Interim Dividend

Sunway’s 2Q13 results came in above expectations. A 5 sen interim dividend was declared. The q-o-q earnings growth was mainly driven by higher progress billings from the property projects, partly offset by weaker revenue from the construction division. Its 1H13 new sales of MYR606m are on track to meet our target. In view of rising economic and regulatory risks, we lower our FV to MYR3.52. Maintain BUY.


• Above expectations. Sunway’s 2Q13 results came in above our and market expectations, on an annualised basis. The sequential growth in earnings was mainly driven by higher progress billings from projects in Sunway South Quay, Sunway Damansara, Sunway Velocity and Sunway Eastwood. However, the growth was partially offset by weaker revenue from the construction division. The LRT project was slightly delayed due to a stop-work order imposed on all contractors as a result of accidents at the work site of other packages undertaken by other contractors.

Meanwhile, the delay in the MRT project was largely due to adverse weather conditions. An unexpected 5 sen interim dividend was declared. From FY13 onwards, Sunway is likely to pay out its dividend twice a year, while keeping its minimum 20% dividend payout policy unchanged. This prompts us to adjust our DPS forecasts accordingly.

• MYR368m sales in 2Q13. New property sales in 2Q amounted to MYR368m, bringing 1H total to MYR606m. This was largely in line with Management’s MYR1.3bn target for the year. The recent launch of the semi-ds (from MYR1.5m onwards) and bungalows (from MYR2.2m onwards) in Ph. 1 Lenang Heights, with a GDV of MYR201m, has seen a take-up rate of about 50%. In the pipeline, Sunway plans to launch MYR1.25bn worth of projects, including Sunway Velocity serviced apartments & shops (GDV MYR200m), Sunway GEO condo (MYR150m), Medini serviced apartments and office, (MYR300m), Novena (MYR500m) and Sembawang terrace (MYR100m) in Singapore.

• Forecasts. We make no changes to our earnings forecasts. Earnings visibility remains strong given its unbilled sales of MYR2.2bn (from MYR2.3bn in 1Q13) and construction orderbook of MYR4.2bn.

• Lower FV of MYR3.52. In view of rising economic and regulatory risk, we lower our FV slightly to MYR3.52 (from MYR3.76), based on a larger 25% discount (from 20%) to RNAV. Maintain BUY.




Source/Extract/Excerpts/来源/转贴/摘录: RHB-Research,
Publish date: 02/09/13

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Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)
“错过时机”胜于“搞错对象”:不会全军覆没!”
做自己熟悉的事,等到发现大好机会才投钱下去

乔治·索罗斯(George Soros)

“犯错误并没有什么好羞耻的,只有知错不改才是耻辱。”

如果操作过量,即使对市场判断正确,仍会一败涂地。

李驰(中国巴菲特)
高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo


There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
冷眼(冯时能)投资概念
“买股票就是买公司的股份,买股份就是与陌生人合股做生意”。
合股做生意,则公司股份的业绩高于一切,而股票的价值决定于盈利。
价值是本,价格是末,故公司比股市重要百倍。
曹仁超-香港股神/港股明灯
1.有智慧,不如趁势
2.止损不止盈
成功者所以成功,是因为不怕失败!失败者所以失败,是失败后不再尝试!
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每逢灾难就是机会,而是在灾难发生时贱价买股票,然后放在一边,耐性地等灾难结束
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