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Hunza Properties (Inter-Pacific Research), maintain ‘outperform’, with target price of RM1.83

Hunza Properties: Results largely in line

* Outperform: We maintain “outperformwith our target peg at RM1.83 which is 43% discount to our RNAV per share of RM3.21. Potential re-rating catalyst includes (1) stronger sales, (2) swift construction progress

* 3QFY2010 top line surged by 214.2% y-o-y to RM58.5 million: Surge in revenue was mainly due to: (1) RM18.9 million contribution from Diamaward (M) Sdn Bhd which was 100% acquired on August 2009 (1QFY2010), (2) contribution from the construction work on the two residential tower of Gurney Paragon which ha s been progressing well, and (3) stronger sales registered in current quarter.

* Revised upwards our top and bottomline: Y-t-d revenue surged by 156.1% y-o-y to RM175 million and net profit up 103.7% y-o-y to RM37 million. Thus, revenue accounts for 77% and net profit 80.9% of our FY2010 forecast. We have revised upwards our FY2010 full-year forecast for revenue by 7% and net profit by 9.7%. This comes about after taking into consideration of its sustainable growth emanating from the strong progress in their prime property development in Penang ie Infinity condominium and Gurney Paragon condominium as well as improved sales.


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