Tuan Sing Holdings: Reported 9M11 rev of $168.1m (-43% yoy), which was below expectations, and accounted for 63% of Kim Eng full year forecast. The industrial services division was the main revenue contributor.
Looking forward, there is more to expect in terms of property development revenue as new launches have been planned for 1Q12 and 3Q12. However, house cut FY12F rev forecast by 13% to reflect our expectations of slower take-up at new property launches.
Valutions are undemanding, with grp trading at 40% below its NAV, and value remains hidden in its prime properties and their redevelopment potential. Kim Eng maintains Buy with TP at $0.48.
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