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Investor CentralUEM Sunrise Bhd - Can it really hit RM 3 bln target in Q4?
23/1/2014 - UEM Sunrise says its projects are progressing on schedule and they have a total of RM 3.3 bln in unrecognised revenue.
The developer recently announced earnings for Q3 FY13:
Revenue: +60% to RM 694.2 mln
Profit: +114% to RM 182.8 mln
Cash flow from operations: RM 218 mln vs (RM 219.8 mln)
Dividend: 0.0 sen per share vs 0.0 sen per share
UEM Sunrise's revenue for its latest quarter rose and its net profit more than doubled, mostly due to land sales.
The land sales were to Southern Marina Development Sdn Bhd and Nusajaya Tech Park Sdn Bhd, a joint venture with Singapore's Ascendas.
These land sales contributed about RM 222 mln, or a third of its current quarter's revenue.
In addition to land sales, the company's property development segment's key projects, East Ledang and Nusa Idaman, contributed to profit in the quarter.
UEM Sunrise was created from a merger between UEM Land and Sunrise Bhd.
UEM Land was a government-linked company that started out as a township developer.
It was the master developer and primary landowner in Nusajaya, Johor.
Sunrise Bhd was a developer that was known for luxury condominiums such as Sunrise Mont Kiara.
It also had property interests in Australia, South Africa and the UK.
Investor Central. Asian insights for global investors. We ask the tough questions of Asian companies which global investors need answers to.
1. Can it really hit its sales target of RM 3 bln in Q4?
RHB said in a report that "while management keeps its RM 3 bln sales target unchanged, we believe full-year sales could fall short due to delays in launches and unfavourable market conditions."
Nusajaya accounted for 80% of the overall RM 2.12 bln of its new sales for the 9 months this FY.
Given the various cooling measures announced under Budget 2014, as well as uncertainties surrounding the actual implementation of these measures, will the current climate make it possible for UEMS to meet its RM 3 bln sales target in time for 4Q?
2. What is the expected long-term impact of the DIBS ban on UEM Sunrise?
(Total number of questions in the full story: 3)
We have sent our questions to the company to invite them for an on-camera interview, and/or seek their written response.
Sofar, we have not had a reply (which is why you are seeing this message).
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