Monday, 23 April 2012

Sunway falls 1.6%, AmResearch cuts earnings, TP

KUALA LUMPUR (April 23) : Sunway Bhd shares fell 1.6% after analysts slashed their earnings forecast and fair value for the stock in anticipation of weaker property sales.

The stock fell four sen to RM2.48 as at 12.24pm after AmResearch Sdn Bhd reduced its new property sales forecast for Sunway by between 20% and 25% for financial years ending December 31, 2012 and 2013, hence, a 4% to 5% slash in core net profit estimates during the period.

“Property sales target is a challenge.” analyst Nik Ikhwan Nik Mahmood wrote in a note.

The research house has, therefore, reduced its fair value for Sunway by 5% to RM2.70 from RM2.85 with a “hold” call.

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