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Tropicana Corp. Bhd. - On Track For A Record Year
Date: 30/08/2013

Source : KENANGA
Stock : TROP Price Target : 1.89 | Price Call : BUY
Last Price : 1.37 | Upside/Downside : +0.52 (37.96%)

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Tropicana held its briefing yesterday and we came away feeling more reassured of it meeting our estimates based on the following: (i) stronger billings in 2H13, which will be driven mainly by projects that are near to completion such as Tropicana Grande, (ii) RM2.1b GDV to be launched in 2H13; and (iii) another 4 parcel of land disposals to be completed in 2H13. We believe our RM2.0b sales target for FY13E is achievable, buoyed by more than RM2.0b launches in the pipeline for the 2H of the year and current unbilled sales of RM1.6b. Given higher values of land disposals, we have revised our earnings estimate higher by 7% to RM178m for FY13E while maintaining FY14E earnings of RM193m. However, we are widening our discount factor to 50% from 40% as we prefer developers

Price Targets:
30/08/2013 1.65 2.19 +0.54 (32.73%) BUY RHB
30/08/2013 1.65 1.89 +0.24 (14.55%) BUY KENANGA
28/08/2013 1.65 2.19 +0.54 (32.73%) BUY RHB
22/05/2013 1.94 2.34 +0.40 (20.62%) BUY RHB
22/05/2013 1.94 2.15 +0.21 (10.82%) BUY KENANGA
17/05/2013 1.64 2.08 +0.44 (26.83%) BUY RHB
See now.... all go to puki