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- Last Friday (Nov 29), LBS Bina declared a special dividend as its net profit surged four-fold for the third quarter, carried by a one-off gain from the disposal of Lamdeal Investments Ltd (LIL).
KUALA LUMPUR (Dec 2): LBS Bina Bhd (KL:LBS) surged in early trade on Monday, after the group declared special dividends, subsequent to posting quarterly earnings which were boosted by a one-off disposal gain.
Shares of the developer rose as much as 10% or 5.5 sen to 60 sen just 15 minutes after the opening bell, valuing it at nearly RM950 million, with 5.34 million shares done.
Last Friday (Nov 29), LBS Bina declared a special dividend of 2.6 sen per share, as its net profit surged four-fold for the third quarter, carried by a one-off gain from the disposal of Lamdeal Investments Ltd (LIL).
Net profit for the quarter ended Sept 30, 2024 (3QFY2024) ballooned 315.43% to RM167.06 million — its highest since 3QFY2013 — from RM40.21 million in the same quarter last year, mainly thanks to booking a RM137 million one-off gain from the disposal of LIL.
Earnings were lower excluding the one-off gain, however, with sales in the quarter missing expectations and likely to miss the full-year target of RM1.8 billion on deferred launches, RHB Research said in a report.
“Property sales picked up quarter-on-quarter to RM404 million, from MYR344 million in 2QFY2024, but with just RM1.2 billion in sales year-to-date to November (attributed to deferred launches from lengthy approval process) and RM217 million booking in the pipeline,” the research house said.
“We lower our FY2024-FY2026 [earnings] forecasts by 10%, 4%, and 4%, as we lower our sales assumption,” it said while maintaining a target price of 72 sen.
Long-term outlook remains favourable, however, RHB Research said, with a pipeline of new projects from its new townships adding to its unbilled sales of RM1.7 billion.
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