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Categories
| Inter-Pac remains neutral on Plenitude |
| Business & Market 2009 | |||
| Written by Financial Daily | |||
| Tuesday, 02 June 2009 10:50 | |||
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The research house has pegged a fair value of RM2.17 on the property developer’s stock based on a price-earnings ratio (PER) of 2.7 times and an estimated earnings per share (EPS) of 80 sen for FY2010. “Plenitude appears more expensive currently with a PER of 3.5 times and current share price of RM2.24. Our concern is the current economic uncertainty that may soften demand,” said the research house in a note issued yesterday. For its nine months ended March, Plenitude posted a net profit of RM54.18 million on the back of RM216.07 million. For its third quarter (3Q), it registered a net profit of RM30.71 million from RM112 million in sales. Plenitude’s 3Q09 revenue grew 12.4% compared to the corresponding period a year ago due to the realisation of profit from land sale to Ikano Johor Jaya Sdn Bhd for RM64.4 million. “If we remove the gain for the land sale to Ikano, their revenue fell by 52.2% year-on-year,” Inter-Pacific noted. “Realised gain from progressive billing of projects like Taman Desa Johor, Taman Putra Prima Johor, Bandar Perdana Kedah and The Residences KL further contributed to higher revenue. Also, the sharp drop in construction materials by 74% year-on-year further supported their margin.” Inter-Pacific however expected upcoming projects in Bayu Feringghi, Penang and Taman Putra Prima Puchong in Selangor to further boost revenue. Plenitude’s Penang project, launched in 3QFY09, has a gross development value (GDV) of RM184 million and was expected to be completed by 2012. For Taman Putra Prima Puchong, the company was planning to launch a new phase encompassing residential and commercial property sometime in June/July. Plenitude climbed 11 sen to close at RM2.35 yesterday. This article appeared in The Edge Financial Daily, June 2, 2009.
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