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PublicInvest Research

Author: PublicInvest   |   Latest post: Fri, 27 Nov 2020, 11:04 AM

 

Ayer Holdings Berhad - Ceasing Coverage

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We are ceasing research coverage of AYER Holdings (AYER) to reallocate our research resources, in view of limited access to management and lack of investor interest. We believe the sector is still lacks re-rating catalysts to spur current weak demand. AYER’s value could be difficult to be realised without a clear strategy to monetize its remaining landbank. Our last recommendation for the stock was Neutral with a TP of MYR5.47 based on a sum-of-parts valuation.

  • Group revenue dropped 16.6% YoY. For FY2019, the Group recorded revenue of RM67.4m and profit before tax of RM17.9m respectively. These represent a decrease of 16.6% in revenue and a decrease of 35.7% in profit before tax as compared to the previous corresponding period.

The decrease in revenue was mainly due to lower property sales of completed units but this was partially offset by a higher percentage of work completed for the current development. Profit before tax, however, decreased significantly mainly attributed to the decline in revenue in the current quarter coupled with reversal of impairment loss on receivables in the prior year that has resulted in higher profit before tax in the previous corresponding quarter.

Source: PublicInvest Research - 24 Feb 2020

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Chart Stock Name Last Change Volume 
AYER 5.50 0.00 (0.00%)

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