PublicInvest Research

Author: PublicInvest   |   Latest post: Mon, 30 Nov 2020, 4:57 PM


AYER HOLDINGS BERHAD - Lackluster Performance

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Ayer Holdings’ 3QFY19 net profit came in at RM3.9m, which rose 39% YoY on higher other income and lower tax expense. Revenue and profit before tax decreased 15.3% YoY and 5.6% YoY primarily due to lower billings from its property division. Contributions from the property division are likely to have been driven by its 140-unit landed villa development in its flagship township, Bandar Bukit Puchong. Earnings forecasts remain unchanged as we wait for more clarity on future property launches as the Group continues to focus on the re-planning of its township in Bandar Bukit Puchong. While the Group may offer deep value for longer-term investors, lack of near-term clarity keeps our call at Neutral with an unchanged SOP-based TP of RM5.47.

  • Group revenue dropped 23.3% YoY. YTD, the Group recorded revenue of RM43.7m and profit before tax of RM10.4m respectively or representing a decrease of 23.3% in revenue and a decrease of 37.4% in profit before tax as compared to the previous corresponding period. The decrease in revenue was mainly attributed to lower percentage of work completed for the current development but this was partially offset by higher sales of completed unit in current period. Property billings, we believe, are mostly from the on-going property project i.e. Andira Park project which consists of 140 units of gated and guarded landed villas sitting on an 8.3-acre plot of freehold land which was launched back in 3QCY2017.

Source: PublicInvest Research - 20 Nov 2019

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Labels: AYER

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AYER 5.50 0.00 (0.00%) 5,800 

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