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Company Update � KLCCP (ADD, maintain)
- Share price reflects sustainability of assets From KLCC Property Stapled Group�s briefing yesterday, there was no negative surprises from our key takeaways. Due to a one-off fee arising from early settlement of its Sukuk facilities, we have cut our FY14E earnings forecast by 3.3%. Our ADD still holds at an unchanged DDM-based price target of RM6.53. We believe that investors will be rewarded in the long-term on the back of KLCCPSG�s stream of recurring rental income from the prime offices and stronger upside growth from the retail mall and hotel assets. With a low gearing of 16.3% as at Jun-14, KLCCPSG has room to gear up further by RM4.7bn for future asset acquisitions, driven by in-built pipeline of the group�s AEI and inorganic growth from Right of First Refusal from KLCC Holdings. Key risks include a potential pullback in consumer retail spending due to the GST/inflationary pressure and slowdown in tourist arrival.
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