SUNRISE

发表时间: 2005-2-02 14:16 作者: mokooi 来源: LC金融超級市場

Friday January 28, 2005

Sunrise H1 pre-tax profit soars 254% to RM65mil

SUNRISE Bhd’s first half year to December 2004 pre-tax profit jumped 254% to RM65.2mil on the back of RM160.8mil sales from existing condominium projects at Mont’ Kiara.

Earnings per share for the first six months rose to 10.94 sen from 9.45 a year ago. Quarter-on-quarter, second quarter pre-tax profit rose to RM34.2mil from RM31mil before.

“The sterling performance is attributable to contributions from on-going condominium projects, namely Sunrise Aman, Sunrise Kiara Designer Suites and shop office development Sunrise Solaris,” the company said in a statement.

These projects would be the main earnings contributors in the current financial year, it added.

As at December last year, its gross sales amounted to RM741mil, of which RM410mil was the unbilled portion. The profits from these future billings will be recognised substantially over the next two financial years.

Going forward, Sunrise said earnings in the second-half year would remain positive, following plans to launch some residential and mixed developments in Mont’ Kiara.

“The board of directors is optimistic about the performance of the group and confident that the group will surpass the previous year’s financial performance,” it said.

A property analyst at a local brokerage said the stock was trading at a low price to earnings of eight times compared with the sector’s 11.

The company’s prime land at Mont’ Kiara had garnered a strong brand name, thus resulting in positive response to its recent property launches, he said, adding that his estimated fair value was at RM2.50 per share.

“The upside on the stock is limited to its single area focus at Mont’ Kiara as there is competition from other property companies to develop the same area,” he said.

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mokooi (2005-2-02 14:16:50)

Stockbroking firms call for buy on Sunrise

Stockbroking houses have made a buy recommendation on Sunrise Bhd at RM1.75 after the property group announced an impressive set of financial results for the first six months to Dec 31, 2004.

Yesterday, Sunrise announced a 161% jump in net profit to RM46.15 million for the first half from RM17.64 million a year ago. Pre-tax profit soared to RM65.19 million, a 154% increase over the RM25.68 million in the previous corresponding period.

Revenue rose 35% to RM160.81 million from RM119.16 million, while earnings per share rose to 10.94 sen from 9.45 sen a year earlier.

For the second quarter, its net profit jumped 136.9% to RM24.10 million from RM10.17 million in the previous corresponding quarter.

Sunrise attributed its sterling performance mainly to contributions from ongoing condominium projects, namely, Sunrise Aman @ Mont' Kiara and Sunrise Kiara Designer Suites @ Mont' Kiara and a shopoffice development, Sunrise Solaris @ Mont' Kiara (Phase 1).

Sunrise's first-half earnings have surpassed the full-year earnings of RM33.40 million in the last financial year.

OSK Investment Research has reiterated a buy on the stock with a 12-month target price of RM2.54 while Affin Securities Research called for a buy at RM1.75 and upgraded its target price from RM2.50 to RM2.80.

Affin Research said Sunrise's results were above its expectations following the stronger-than- expected pre-tax margin of 41% versus its earlier estimate of 35% due to higher margins from the Solaris and Kiara Designer suites development.

“We have raised our earnings forecast by 14% for FY05 mainly due to upgrade in pre-tax margin by five percentage points.

“We have also raised our earnings forecast by 35% for FY06 after incorporating the new Solaris Dutamas project and the five percentage points upgrade in pre-tax margin,” it said.

Affin Research has forecast a net profit of RM103 million for FY05 compared with the consensus estimate of RM82.2 million. For FY06, it has forecast a net profit of RM134.20 million compared with the consensus estimate of RM101.60 million.

“The stock currently trades at a low FY06 PE of 5.7 times. We have upgraded our target price from RM2.50 to RM2.80, pegged to a CY05 PE of 10 times,” it said.

The research house said it continued to like the stock for its premium brand, excellent track record and innovative management.

Looking forward, Affin Research said total unbilled sales of RM410 million underpinned the group’s future revenue. This stems mainly from locked-in sales of Mont’Kiara Aman, Kiara Designers Suites and Solaris 1 projects, which account for 88% of unbilled sales.

OSK Research, in its research note, said it was raising FY05 earnings estimate by 6.3% to account for higher billings from the Mont’Kiara Aman project. The project is expected to be completed in September, six months ahead of schedule.

It has forecast net profit and turnover of RM97.70 million and RM490.80 million for FY05, and RM139.30 million and RM598.90 million respectively the following year.

The research house said Sunrise’s 1H net profit of RM46.15 million, in annualised terms, was in line with its forecast of RM91.90 million and 8.5% above consensus estimate of RM85.10 million.

It said the upward revision in FY05 earnings to RM97.70 million from its earlier forecast of RM91.90 million was due to the faster completion of the Mont' Kiara Aman project.

OSK Research also said Sunrise had committed to paying out 35% of its net earnings as dividends plus special dividends if its cash flow permitted.

“We are maintaining our fair value at RM2.54, which has room for upward revision due to the high value-add of its Solaris Dutamas. We have only partially built in Solaris Dutamas’ value.”

“We have been favouring Sunrise as our top pick for the property sector due to our expectation of its earnings tripling this financial year and a huge 45% upside to our fair value. With the firming up of its dividend policy, the company has now added dividend yield as its point of attraction,” said OSK Research.

Mayban Securities Research said its fair value for Sunrise was RM2.30, which gave the share price an upside potential of 31%.

It saw good prospect for Sunrise in the medium term although demand for properties appeared to have moderated due to over-supply, adding that Sunrise was partly buffered from the intense competition due to its niche in high-end condominium development in Mont’ Kiara and brand name.

It also said Sunrise chairman Tong Kooi Ong and the managing director and chief executive officer Datuk Michael Yam were committed to maximising shareholders’ returns.
mokooi (2005-2-02 14:17:45)

Monday January 31, 2005

Sunrise a favourite among analysts
BY ELAINE ANG

ANALYSTS are full of praises for property developer Sunrise Bhd.

Sunrise’s excellent results in the second quarter ended Dec 31, 2004 announced last Thursday, coupled with an analyst briefing where it unveiled plans and strategies for the financial years (FY) ending June 30, 2005 and 2006, have helped it remain a favourite among the analyst fraternity.

Some of the plans and strategies highlighted by the management during the analyst briefing were:

·To take advantage of the current property upcycle by having more launches, estimated to have a sales value of RM2.25bil for 2005 and 2006;

·To further grow profit margins by leveraging on Sunrise’s strong brand name and Mont Kiara’s strong appeal to the upmarket segment;

·To expand its strategic landbank (preferably in Mont Kiara) and divest others such as 432 acres in Mersing, 3.5-acre land and school in Carlingford (Sydney), and the Australian International School Malaysia in Mines Resort City; and

·To increase sustainable earnings sources from property maintenance services and ancillary assets like car parks.

Sunrise also plans to spend RM200mil on ‘post-sales marketing’ – improving security, amenities, infrastructure and the upkeep of older buildings – to enhance the value of Mont Kiara.

Sunrise intends to divest its commercial assets via real estate investment trust (REIT) to diversify and create sustainable income. Besides Plaza Mont Kiara, it is considering injecting future retail space at Solaris 2 and Solaris Dutamas as well as a future shopping mall at its MK20 project into the REIT. However, this is not expected to take place over the next 12 months. Another attraction is that management has committed to distribute 35% of future net earnings as dividends with possible special payments if cash flow permits. The group declared a gross dividend of 5.5 sen for the year ended June 30, 2004.

Mayban Securities sees good prospects for Sunrise in the medium term despite fears that demand for properties has moderated due to oversupply. “We believe Sunrise is partly buffered from the intense competition in the industry due to its niche in high-end condominium development in Mont Kiara and strong brand name,” it said.

Mayban Securities likes Sunrise for its healthy and growing profit margins despite stiff competition as well as strong take-up rates for its ongoing projects, namely Solaris Phase 1 (100%) and Phase 2 (80%) and Kiara Designer Suites (92%).

“The established Mont Kiara development will continue to attract repeat and new buyers to its future launches, key selling point being the healthy rental yield of 7.5% to 10% of its condominiums,” Mayban said.

RHB Research is upbeat that Sunrise’s earnings momentum will continue to grow in tandem with the pick-up in economic activities generally seen in the beginning of the new calendar year.

The research house noted that unbilled sales of RM410mil, largely from property development like Solaris, Mont Kiara Aman and Kiara Designer Suite, would help to underpin earnings for FY2005 to 2007.

Earnings will also be lifted by part deposits paid for projects scheduled for launch in the second half of the year like Solaris Dutamas and Mont Kiara Banyan. “We have revised upwards our net earnings per share by 22.3 sen to 25.3 sen in FY05 and by 24.6 sen to 30.6 sen in FY06, as earnings are expected to surge on the back of strong unbilled sales and high average pre-tax margin of about 33%,” RHB said.

OSK Research has raised its net earnings estimate for FY2005 from RM91.9mil to RM97.7mil.

“We have been favouring Sunrise as our top pick for the property sector due to expectations of earnings tripling this financial year and a huge upside to our fair value of RM2.54.

“With the firming up of its dividend policy, the group has now added dividend yield as its point of attraction,” it said.

Sunrise’s net profit soared to RM24.1mil in the second quarter, up 136% from RM10.2mil recorded in the corresponding quarter of 2003; revenue, however, slipped 7.4% to RM67.8mil from RM73.2mil.

For the first half of FY2005, Sunrise recorded a 161% jump in net profit to RM46.2mil compared with RM17.7mil in the same period of the previous year. Revenue rose 34.9% to RM160.8mil from RM119.2mil.

Earnings per share for the first six months rose to 10.94 sen from 9.45 sen a year ago. The group’s cumulative net profit of RM46.2mil was 38.4% higher than the full year net profit of RM33.4mil in FY2004.
liciece (2005-2-28 09:27:28)

刚以buy1 1.73 的价买，不知道有没有买进。根据OSK的分析，该股中长期的投资潜力不错。尤其是由于该公司在今年年中以后的获利持续增加，以及大幅投资产业，使得公司将十分活跃于市场。三个月内，股价一直在1.70-1.80间徘徊，而交易量比较适中，所以该股是一个比较好的投资性股票。

该股现价为1.74左右，根据OSK的研究报告，12月预期价格将为2.54。

[ Last edited by liciece on 2005-2-28 at 09:35 AM ]

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mokooi (2005-2-02 14:16:50)

mokooi (2005-2-02 14:17:45)

liciece (2005-2-28 09:27:28)

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