04 December 2014

New launches to help improve Glomac H2 sales

  04 December 2014

HONG Leong Investment Bank (HLIB) expects Glomac Bhd’s second-half financial year 2015 to kick in stronger on more new launches.

HLIB said Glomac’s new launches will resume in the second half with a potential gross development value of at least RM602 million.

“The group is confident that its sales momentum will pick up in second half to match at least financial year 2014’s total sales of RM504 million with optimistic take-ups (70 to 80 per cent), given that almost 70 per cent of its launches would
be landed developments,” the
bank said in its research note.

HLIB said Glomac’s sales remain modest at RM62 million as at first half of financial year 2015.

It also maintained its “hold” call on Glomac Bhd with unchanged target price of RM1.11, based on unchanged 40 per cent discount to the revalued net asset value.

This came after Glomac reported profit-after-tax and minority interest of RM34 million in first half of its financial year, which is below HLIB expectations from lesser-than-expected property launches and higher-than-expected effective tax rate.

~ By BUSINESS TIMES

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