CIMB Research retains Hold on KLCCP. (The Star) KUALA LUMPUR: CIMB Equities Research is maintaining its Hold recommendation for KLCC Properties (KLCCP) as its outlook remains dry as there are unlikely to be any acquisitions in the near-term. “We maintain our Hold call on the stock. Our DDM-based target price remains unchanged. For exposure to M-REITs, we prefer Axis REIT,” it said on Tuesday. Its target price was unchanged at RM6.90. The research house said KLCCP’s 4Q14 core net profit of RM205.1mil brought its full-year FY14 core net profit to RM711.2mil. “This is in line with our estimate as it accounted for 102% of our and 98% of consensus full-year forecasts,” it said. KLCCP’s core net profit grew by 24.6% on-year. Revenue growth in FY14 was driven by its retail and management services, which grew by 5.4% and 21.2% on-year, respectively. CIMB Research said it did not make any changes to its FY15-16 earnings forecasts, while it introduced its FY17 numbers “Aside from its own developments such as Menara Dayabumi, we believe that it is unlikely that KLCCP will acquire any other assets in the near- to medium-term. “We note that funding is not an issue as KLCCPs balance sheet remains healthy, with gross and net gearing standing at 0.17 times and 0.1 times, respectively. “However, the issue with acquisitions is mainly the lack of suitable and available assets of similar standards as those already in its portfolio, e.g. Suria KLCC,” it said. ----------------- Profit.at.Bursa ----------------- | #saham | #klccp | #klcc |
Posted on: Tue, 27 Jan 2015 03:53:05 +0000
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