Outperform
Visit Note
- Four key highlights from recent company visit: a) management remains confident on the sale of its Menara YNH office portion to Kuwait Finance House. However, it does not discount the possibility of proceeding with the sale to a second buyer if KFH fails to sign the SPA by end-09; b) YNH has formalised the sale of the yet-to-be-built Pantai Hospital (RM80m) in Manjung; c) construction works for Kiara 163 and Menara YNH-retail portion will be delayed again; and d) the company plans to launch Fraser Residence project by end-09. Total GDV is about RM550m.
- We are maintaining our FY09 earnings forecast but upgrading FY10-11 forecasts by 5.4-11.8% to factor in Fraser Residence and Pantai Hospital. YTD, the company has unbilled sales of RM920m, or 2.8x of our FY10 revenue forecast (excluding Menara YNH office).
- Our fair value has been raised from RM2.52 to RM2.54, based on unchanged 1.4x P/NTA.
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Monday 23 November 2009
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