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By AmResearch Monday, 23 August 2010 15:41

SUNWAY CITY BHD • Sunway City’s (SunCity) 2QFY10 earnings came in at RM72mil, taking its 1HFY10 earnings to RM223mil. The group announced an interim dividend of 31sen per share. • However stripping off the reversal of deferred taxation liability and revaluation surplus of land amounting to RM213mil, core earnings came out to RM81mil. This came slightly short, covering only about 40% and 45% of ours and consensus estimates respectively. Our shortfall can be attributed to lower than expected reported earnings from property development arm. • YoY earnings comparisons are deemed irrelevant due to the change in financial year-end last year, where the group had a financial period of 18 months. • On a quarterly basis, core earnings declined marginally to RM39mil this quarter (Q1FY09 – RM42mil) largely due to the lower contribution (EBIT: -45% QoQ) from property  development division. However steady earnings from its property investment side – Sunway Pyramid the main driver, supported group’s earnings. • SunCity launched RM966mil worth of properties in the 1HFY10 – comprising of Sunway Rymba, Sunway South Quay condos, SPK Townhouse etc - but reception has been rather disappointing, thus far only 44% taken up although this could reach 50%-55% pending conversion of SPA. • Going forward, the group will be launching RM800mil worth of properties in 2HFY10 – Sunway VeloCity – and maintains its target of RM1bil of new sales for this year. We are pessimistic this could be achieved given the lacklustre take-up of its launches so far. • Plus, overseas ventures – China and India - would make up about 20%-30% of the new launches where we believe take-up would be challenging given the unfamiliar territory. • Flipside, this quarter will see the last contribution from its assets as Sunway City REIT was recently listed in early July. We expect earnings to come off although SunCity would be in a net cash position thus giving ample of opportunities for landbanking. • We are putting our HOLD recommendation and our fair value under review with a downside bias pending a meeting with the management.