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Categories
| HLG Research: KLCC Prop earnings in line with estimates |
| Business & Market 2010 | |||
| Written by HLG Research | |||
| Monday, 30 August 2010 09:02 | |||
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KUALA LUMPUR: HLG Research said KLCC Properties Bhd’s first quarter results for the period ended June 30, 2010 were inline with consensus and its estimates. It said on Monday, Aug 30 that et profit rose 5.5% on-year due to improved occupancy rates for both the retail mall and the Mandarin Oriental Hotel. No dividends declared. Revenue was up 4% on-year due to 4% rise in property investment income. Hotel revenue also had a 3% on-year improvement, attributed by management to improved occupancy rates. “No change to our forecast of RM919 million for the top-line and RM270 million net profit. In the absence of major catalysts, we maintain our RNAV-based target price of RM3.20 per share and HOLD rating,” it said.
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