SUNCITY - Great Value Merger With RNAV RM7.30

分析：

ROE is 21% for FY2010. 让我们期待2011的表现。目前股价已经应为要和拼SUNWAY 

所以长了不少， 但是， 作为长期投资的话 绝对可以尝试收一些。两者和拚以后将会

是马来西亚第5大的产业发展公司。 另外， 以RNAV per share = RM7.34 ， 将来得股价

可能受到重估

1QFY11 results were broadly inline amid an uninspiring core net profit of RM34.9m 

due to (1) seasonally lower hospitality earnings, and (2) lumpy recognition of property 

development earnings towards 2HFY11. FY11 sales target of RM1.5bn is on track with 

1QFY11 new sales of RM354m while unbilled sales hit all-time high of RM1.2bn. 

Reiterate BUY call as valuation is undemanding at FY11 P/E of 12.6x and P/B of 0.9x. 

RNAV is RM7.34 which implies a 31% discount to current price. 

Key financial data 

                                              FY09  FY10   FY11F    FY12F

Adj EPS (sen)                         45.3    34.5       40.0        48.4

Adj P/E (x)                             16.7    14.6        12.6        10.4

Net DPS (sen)                         9.8       23.3        9.0        11.3

Div yield (%)                           1.9        4.6        1.8          2.2

BVPS (RM)                            4.62     5.45       5.86       6.24

P/B (x)                                    1.1        0.9        0.9          0.8

Financial Ratios (MYR)

Period EPS NAV Price Earnings Ratio (PER) Net Earnings Margin Revenue Growth Net Earnings Growth Return On Asset (ROA) Return On Equity (ROE) Current Ratio

Full Year Dec 2010 $1.14863 $5.4468 4.40 48.808 % n.a. n.a. 11.841 % 21.088 % 1.621

Full Year Jun 2009 $0.28798 $3.8232 17.54 12.382 % -17.777 % n.a. 2.610 % 7.532 % 1.212

Full Year Jun 2008 $0.56786 $3.5860 8.89 20.076 % 15.306 % 83.740 % 5.116 % 15.835 % 3.507

Full Year Jun 2007 $0.30906 $3.0353 16.34 12.598 % -27.509 % n.a. 3.447 % 10.182 % 1.510