Three out of the seven developers in our coverage (Eco World Development Group Bhd, LBS Bina Group Bhd and S P Setia Bhd) target 5% to 21% sales growth in 2017 while Mah Sing Group Bhd aims to at least maintain its FY2016 sales level.
Chances of Gamuda exceeding RM2 billion assumed new wins this year remain good.
FY2016 hotel revenue declined 4% y-o-y due to the commencement of guest room refurbishment in the Mandarin Oriental (MO) and lower food and beverage contribution from rebranding of the Sultan Lounge and Casbah.
The company is confident that it will achieve the 2017 target as it plans for 13 new launches (comprising mostly mass-market housing), with a combined gross development value (GDV) of RM2.35 billion this year.
Overall, the site covers a total area of 486 acres (196.7ha), which is almost five times the size of the Kuala Lumpur City Centre’s site including the surrounding park.
Gamuda Bhd’s annualised first quarter of financial year 2017 (1QFY2017) core net profits made up 89% of our full-year forecast and 91% of the consensus.
Volatile ringgit movement against major currencies after the US election on Nov 8 compounded the property slowdown by dampening the sentiment of homebuyers.
Other new details include that the HSR lines in Singapore and Malaysia are to be linked by a bridge over the Straits of Johor 25m above the water level.
The group’s revenue growth was mainly driven by higher rental reversions from both Mid Valley Megamall and The Gardens Mall…
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