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apple developer enterprise account for rent:Sunway poised for better profits

admin2021-01-2897

Sunway pyramid lion PETALING JAYA: Analysts have raised their earnings projections for Sunway Bhd as the group, which is one of Malaysia’s largest conglomerates, enters financial year 2021 (FY21) with a bigger sales target and new property launch plans. TA Securities Research said it has revised its FY21 and FY22 earnings forecasts higher by 1.6% and 2.8%, respectively, to reflect the change in property sales assumptions. “The group is targeting new sales of RM1.6bil this year, underpinned by new projects worth RM2.8bil and other existing projects. “Of the RM2.8bil new launches, 60% comprise projects overseas, namely, Singapore (32%) and China (28%) with the balance 40% from the Klang Valley, ” the research house stated in a note. It added that the RM1.6bil sales target was achievable, underpinned by the ongoing home ownership campaign that will spur demand and stronger sales from overseas projects. For 2020, Sunway recorded total sales of RM1.3bil versus its internal sales target of RM1.1bil. “Sunway has chalked up strong property sales that exceeded its internal sales target by more than 10% for three consecutive years amid a challenging market environment, ” said TA Research. The research firm also thinks the worst is over for Sunway and all the business divisions have staged a steady recovery after bearing the full brunt of the movement control order in the second quarter of FY20 (Q2). It has reiterated its “buy” call on the stock with an unchanged target price of RM1.76. Meanwhile, MIDF Research also expects FY21 to be a better year for Sunway as compared to FY20. However, as the impact of the Covid-19 pandemic would still be felt, the research house’s projections showed that the conglomerate’s net income for FY21 at RM562.1mil would remain weaker than FY19’s net income of RM766.6mil. “We revise our FY20-FY21 earnings forecast by 1.3% and 4.2% to factor in higher sales in FY20. “Our target price has been revised to RM1.42 from RM1.34 as we narrow our revalued net asset value discount for the property development division to 25% from 36% in a sum-of-parts valuation due to a better sales outlook. “Nevertheless, we maintain our neutral call due to limited upside, while the outlook for its hospitality and leisure segment remains muted due to Covid-19, ” it said in a note yesterday. MIDF Research has projected a stronger earnings outlook for Sunway in its final quarter of FY20, thanks to improved sales from the property development division. Earnings of the property development division in Q4 is expected to be boosted by bumper earnings recognition from the Rivercove Residences project in Singapore and Sunway Gardens project in China upon their handover.
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