OSK Investment Research said the company's near-term earnings would receive a boost from its current unbilled sales of RM714.1 million and from the sale of the RM990 million 28 Mont' Kiara (MK28) condominium project.
The gross development value of Solaris Tower, to be launched in March or April, was estimated at RM528 million.
"Other mid-term projects include its 50:50 joint venture with Sime Darby on the RM1.0 billion Bukit Jelutong development project which is likely to kick-in by FY11 and the Canadian build-then-sell project by mid-FY11, both of which we have yet to account into our forecasts.
"Tweaking some assumptions on completion rates, particularly for 11 Mont' Kiara condominums, we are lowering our financial year ending June 31, 2010 by some five per cent while FY11 is revised upward by some 25 per cent," it said today.
Sunrise registered a 13 per cent drop in net profit to RM71.79 million for the first-half ended Dec 31, 2009 from RM82.58 million posted in the same period of 2008.
Turnover declined to RM348.59 million, for the period reviewed, from RM401.35 million previously.
OSK said Sunrise's first-half annualised net profit was 18 per cent below its full-year expectation and 7.3 per cent below consensus estimate.
Sharing the same view, ECM Libra Investment Research, in a separate statement, said the property developer's first-half results came within house but were below market expectation.
It said Sunrise's net profit achieved 47 per cent and 44 per cent of house and consensus estimates respectively.
" We tweak our earnings for FY10-FY12 by 0.8 per cent to 2.9 per cent to account for better than expected sales of MK28 as well as higher selling price," it added.
By Bernama
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