NAIM (5073) : RHB Research maintains Buy on Naim Holdings
KUALA LUMPUR: RHB Research has maintained its Buy call on Naim Holdings with a target price of RM4.88 based on 10 times revised FY15F EPS, in line with its one-year forward target P/E for the construction sector of 10-16 times.
In a note on Monday, the research house said Naim is a good proxy to Sarawak’s buoyant economy, backed by massive infrastructure spending and investments in the oil and gas and heavy industrial sectors under the Sarawak Corridor of Renewable Energy (Score) blueprint.
It also piggybacks on the high-growth potential of Dayang Enterprise, it said.
It added that Naim’s 9M14 core net profit of RM102.2mil beat its expectations at 93% of full-year forecast, thanks to better-than-expected property margins.
It said Naim’s RM1.5bil order backlog will underpin its construction profits over the next two years.
Meanwhile,it only recorded RM135mil property sales in 9M14.
Its unbilled sales currently stands at RM170mil.
"While Naim expects recurring sales from its mature townships in Miri despite cooling measures, it is cautious about the demand for its high-rise residential units and high-end commercial units in Kuching and Bintulu," it added.
http://www.thestar.com.my
KUALA LUMPUR: RHB Research has maintained its Buy call on Naim Holdings with a target price of RM4.88 based on 10 times revised FY15F EPS, in line with its one-year forward target P/E for the construction sector of 10-16 times.
In a note on Monday, the research house said Naim is a good proxy to Sarawak’s buoyant economy, backed by massive infrastructure spending and investments in the oil and gas and heavy industrial sectors under the Sarawak Corridor of Renewable Energy (Score) blueprint.
It also piggybacks on the high-growth potential of Dayang Enterprise, it said.
It added that Naim’s 9M14 core net profit of RM102.2mil beat its expectations at 93% of full-year forecast, thanks to better-than-expected property margins.
It said Naim’s RM1.5bil order backlog will underpin its construction profits over the next two years.
Meanwhile,it only recorded RM135mil property sales in 9M14.
Its unbilled sales currently stands at RM170mil.
"While Naim expects recurring sales from its mature townships in Miri despite cooling measures, it is cautious about the demand for its high-rise residential units and high-end commercial units in Kuching and Bintulu," it added.
http://www.thestar.com.my
