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buy apple developer account(buyappleacc.com):Better results expected for Glomac in H2 next year

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,TA Securities Research said on its report that Glomac’s solid balance sheet and remaining gross development value of RM8bil primarily within the Klang Valley should allow the group to accelerate its new launches in Q4’FY22 once market sentiment improves.

PETALING JAYA: Glomac Bhd is expected to perform better in the second half of its financial year ending April 30, 2022 (H2’FY22), although earnings weakness could likely persist in the second quarter (Q2’FY22).

TA Securities Research said: “We believe the group will perform better in H2’FY22, given that it has just resumed full operations following the recent easing of economic restrictions, which allow construction activities to re-commence and sales galleries to reopen.”

The research house said in its report that Glomac’s solid balance sheet and remaining gross development value of RM8bil primarily within the Klang Valley should allow the group to accelerate its new launches in Q4’FY22 once market sentiment improves.

The property developer is expected to continue focusing on the mid-market and affordable segment as the group expects its landed residential products to contribute steady sales. The group plans to roll out RM282mil worth of new launches in FY22, with 75% comprising landed residential properties.

Glomac’s first quarter ended July 31, 2021 (Q1’FY22) net profit had plunged 61% year-on-year (y-o-y) and 88% quarter-on-quarter (q-o-q) to RM1.7mil, negatively impacted by movement restrictions that disrupted the group’s construction activities.

Glomac only secured new sales of RM30mil in Q1’FY22 (40% drop y-o-y, 62% drop q-o-q) as no new projects were launched during the quarter under review.

Due to limited work done in Q1’FY22, the group’s unbilled sales were essentially unchanged at RM580mil, which TA Securities Research said should provide earnings visibility over the next 12 to 18 months.

The research unit also noted that Glomac’s balance sheet is healthy with its latest net gearing at 0.26 times with a cash balance of RM190mil.

Following the weaker-than-expected Q1’FY22 earnings, TA Securities Research had adjusted its revenue recognition and margin assumptions for the group’s ongoing projects.

The research unit maintained its “buy” call on Glomac’s stock, with a revised 44 sen target price from 45 sen per share previously.


转载说明:本文转载自Sunbet。

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