RHB Research maintains 'buy' call on Glomac

KUALA LUMPUR: RHB Research Institute has maintained a 'buy' call on Glomac Bhd after the company's above-expectation performance for the financial year ended April 30, 2013.

"For the financial year ending April 30, 2014, earnings growth should be healthy, underpinned by Glomac's RM888 million unbilled sales. Financial year 2014 plans include the launch of the RM254 million new Lakeside Residences and the maiden launch of its new Putrajaya township," it said in a research note.

RHB Research said the property sector was recently sold down due to market talk that the developers' interest bearing scheme would be abolished.

"While we do not hope this will happen as local and regional economic growth has yet to strengthen significantly, we prefer to wait-and-see until the end of this week," it added. - Bernama