2Q13 PATMI of S$95.6m, up 0.9% YoY
KPLD reported 2Q13 PATMI of S$95.6m which increased 0.9% YoY. 1H13 PATMI now cumulates to S$192.1m, forming 42% of our FY13 forecast which we judge to be within expectations. 2Q13 topline increased 153.6% to S$330.4m due to increased revenue recognition from the Lakefront Residences and The Luxurie in Singapore, and also The Springdale in Shanghai. In addition, we are seeing new recognitions from Phases 4 and 5 of 8 Park Avenue in Shanghai which were launched in Jun 2013.
Steady rate of residential sales in Singapore
In 1H13, KPLD sold 210 homes in Singapore which is tracking at a similar rate to 1H12 (190 units sold). 1H13 sales are mainly from Corals at Keppel Bay and The Luxurie at Sengkang. To date, Corals at Keppel Bay has sold ~140 out of a total of 366 units and The Luxurie is now fully sold. Looking ahead to 3Q13, the group expects to launch a 726-unit development, The Glades, located beside the Tanah Merah MRT station. KPLD also reported that MBFC T3’s commitment level is ~90% as at end Jun 2013, versus ~79% as at end FY12.
1H13 Chinese sales already surpassing FY12 total
The group sold 1,940 units in China over 1H13. We judge this to be a healthy performance and note YTD sales has already surpassed total FY12 sales of 1,650 units. 1H13 sales were primarily from The Botanica in Chengdu and The Springdale in Shanghai. KPLD also recently launched 260 units at 8 Park Avenue in Shanghai and Park Avenue Heights in Chengdu, and is looking to start sales at new projects in Shanghai, Nantong, Chengdu and Tianjin Eco-City in 2H13.
Maintain BUY with lower S$4.09 FV
Maintain BUY with a lower fair value estimate of S$4.09 (30% RNAV disc.), versus S$4.59 previously, as we update our model and increase our RNAV discount marginally from 25% to 30% to reflect increased residential uncertainty following incremental curbs in Singapore and heightened macro-economic risks in China.
No comments:
Post a Comment