SUNWAY BERHAD
My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue and pbt from Property development segment mainly from the progressive billings of the Sunway Nexis, LaCosta at South Quay, Sunway Vivaldi and Sunway Velocity projects. The property projects in Singapore also provided significant contribution. However, the performance of the Jiangyin project in China was below expectation due to construction delay and cost overrun. The situation was further aggravated by the Chinese government’s property tightening measures which impacted current sales. As a result, its contribution has turned negative and additional provision was also made to cover potential late delivery claims
- The property investment segment pbt contributed mainly from the share of profits from its investment in Sunway REIT, the REIT management fees ,and the leisure and hospitality divisions which comprise of the theme parks and hotels
- The construction segment reported loss due to provisions made for Sunway Global in China for impairment losses of plant and machinery and doubtful debts which amounted to approximately RM 23 Million. Before such provisions, the pbt was RM 18 million with contributions from its construction projects in Malaysia, Rihan Heights project in Abu Dhabi (which is nearly completed) and the precast concrete business in Singapore
- Estimate next 4Q eps after 2011 Q4 result announced = 3352934*0.11/1292505 = 0.2854, estimate PE on current price 2.61 = 9.15
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0715+0.044)*2*1.05 = 0.2426, estimate highest/lowest PE = 11.34/9.15
SUNWAY latest news (English)
SUNWAY latest news (Chinese)
My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue and pbt from Property development segment mainly from the progressive billings of the Sunway Nexis, LaCosta at South Quay, Sunway Vivaldi and Sunway Velocity projects. The property projects in Singapore also provided significant contribution. However, the performance of the Jiangyin project in China was below expectation due to construction delay and cost overrun. The situation was further aggravated by the Chinese government’s property tightening measures which impacted current sales. As a result, its contribution has turned negative and additional provision was also made to cover potential late delivery claims
- The property investment segment pbt contributed mainly from the share of profits from its investment in Sunway REIT, the REIT management fees ,and the leisure and hospitality divisions which comprise of the theme parks and hotels
- The construction segment reported loss due to provisions made for Sunway Global in China for impairment losses of plant and machinery and doubtful debts which amounted to approximately RM 23 Million. Before such provisions, the pbt was RM 18 million with contributions from its construction projects in Malaysia, Rihan Heights project in Abu Dhabi (which is nearly completed) and the precast concrete business in Singapore
- Estimate next 4Q eps after 2011 Q4 result announced = 3352934*0.11/1292505 = 0.2854, estimate PE on current price 2.61 = 9.15
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0715+0.044)*2*1.05 = 0.2426, estimate highest/lowest PE = 11.34/9.15
SUNWAY latest news (English)
SUNWAY latest news (Chinese)
No comments:
Post a Comment