Keong Hong: UOB Kay Hian maintains Buy with lower SOTP TP of 63.5¢ (prev: 66.5¢), after factoring in a 4¢/share dividend in FY15.
4Q15 net profit surged 411% to 22.5m drom the recognition of property development profit from the 20% owned Twin Waterfalls.
The house likes the stock because of a 9% dividend yield, solid net cash position of 30.6¢/share, a robust construction orderbook of 462m, providing visibility to FY18, and the expectations of another bumper year for dividend in FY16 from the TOP of 92% sold Skypark Residences.
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