KUALA LUMPUR: Tambun Indah Land Bhd
’s net profit of RM24mil in the first quarter came in above Maybank Investment Bank Research’s expectation but in-line with consensus.
It said Tambun Indah’s earnings accounted for 33% and 25% of Maybank and consensus full-year estimates respectively.
“We raise our FY17 net profit forecast by 8% but keep FY18-19 largely unchanged. Our RNAV-target price is largely intact at RM1.55 (+1sen) on an unchanged 0.5x RNAV peg. Maintain hold,” Maybank said.
The research house said Tambun Indah had locked in RM36.2mil in property sales in 1Q17 accounting for 20% of its sales target of RM180mil for 2017.
Maybanks said the RM180mil sales target for 2017 was lower than 2016’s RM229mil locked-in sales due to the challenging property market.
Tambun Indah intends to launch circa RM170mil worth of new projects in Penang mainland this year. So far, it has launched Pearl 28 (RM20mil in GDV) comprising 30 units of semi-Ds and bungalows) in April 2017. The launch has received a booking rate of about 20-30%. .
Tambun Indah is actively looking for new landbank in Penang mainland. As at end-March 2017, its net gearing remained low at 2.6%.
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