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By ECM Libra Investment Research Monday, 23 August 2010 15:50

2QFY10 : Bumper dividend • Above expectations Sunway City reported net profit of RM71.7m in 2QFY10 or adjusted net profit of RM39.3m if revaluation gain is excluded. For 1HFY10, adjusted net profit came in at RM81.2m (excludes revaluation gain and deferred tax reversal) which achieved 48% and 45% of full-year house and consensus estimates respectively. However, we deem this set of results to exceed house expectations while inline with street as we expect 2HFY10 numbers to be stronger on the back of sustained property sales and seasonally higher revenue from hospitality and leisure divisions. • Bumper dividend came true A bumper dividend finally came true after we highlighted its possibility in our A Big Pay Day report dated 10 May 2010. As Sunway REIT listing  came to fruition, Sunway City declared an interim net DPS of 23.3 sen (gross 31 sen). We tweaked our full year net DPS expectation to 30 sen based on a 20% payout assumption. This implies a net yield of 8.0%. However, we expect this to normalise to 2-3% in the following years. • Property sales on uptrend 1HFY10 adjusted net profit increased 49.2% y-o-y with property development and property investment divisions the main contributors. A pleasant surprise this quarter was strong numbers from the hospitality and leisure divisions despite 2Q being a typically weaker quarter in terms of visitorship. During the quarter, Sunway City has achieved RM285m property sales (1Q10: RM139m) which was the strongest over last 9 consecutive quarters. Unbilled sales edged higher q-o-q from RM630m to RM743m. Amid strong take-up rates for recent launches, Sunway City will be stepping up its launches in 2HFY10. These launches will have GDV of RM798m which will bring full year planned launches to RM1.76bn from RM1.47bn previously. Sales target remains unchanged at RM1bn. • Reiterate BUY We revised FY10-FY12 earnings estimates by +6.4%, +9.0% and +6.3% respectively. Sunway City is ndervalued as it currently trades at 41% discount to RNAV of RM6.36. The company is expected to have net cash of RM1.08 per share by end FY10. With its 36.6% stake in Sunway REIT making up another RM3.45 per share, this implies investors are virtually ascribing no value to its development landbank. We raised our TP to RM5.70 (from RM5.00) as we ascribe 14x P/E to mid CY11 earnings. This is justifiable given its 21.2% EPS CAGR over the next 3 years.