Translate This Page

Thursday, March 21, 2013

TA raises Glomac target price (BT)

TA Securities raised its target price on Glomac Bhd to RM1.17 per share from 98 sen, saying it expects the property developer to secure higher sales through financial year 2015.

"The increase in sales projections is to reflect stronger-than-expected sales from its existing township projects, and higher potential gross development value for the group’s new township developments in Puchong and Dengkil," TA said in a research note on Thursday.

The research house said it projects Glomac to secure new sales of RM760 million in the financial year ending April 30, 2013 (FY13), RM890 million in FY14 and RM953 million in FY15.

"We keep our FY13 earnings unchanged," said TA. "However, we tweak our FY14 and FY15 net profit forecasts upward by 4.3 per cent and 4.8 per cent respectively to account for changes in our sales assumptions."

TA maintained 'buy' on Glomac.

The counter dropped 0.51 per cent to 98 sen a share, while the KL property stocks index declined 0.96 per cent.-- Reuters

No comments: