Saturday, August 20, 2011

The new Sunway (5211) after the merger

The new Sunway is expected to be listed in KLSE on Tuesday 23 August 2011 with the new stock code of 5211 under the Properties sector of the main board.

The will mark the completion of the merging exercise of SunCity (6289, Properties sector) and old Sunway (4308, Construction sector), resulting in a total of 1,292,505,004 Sunway ordinary shares and 258,501,000 Sunway warrants (exercise price RM2.80, expires on 17 August 2016) issued and listed.

According to its Prospectus dated 18 August 2011, the key financial data of the new Sunway for FYE Dec 2010 is as follow:

Revenue: RM3.134 billion
Gross profit: RM1.058 billion (margin: 33.8%)
Operating profit: RM592.142 million
PBT: RM717.267 million (margin: 22.9%)
PAT: RM997.483 million (margin: 31.8%)
Cash on hand: RM856.193 million
Debts: RM2.332 billion
Total equity: RM2.982 billion
Total liability: RM4.403 billion

EPS: 53.3 sen
Fully diluted EPS: 44.4 sen
NTA: RM2.01

Current ratio: 1.5
Gross gearing ratio: 0.9
Net gearing ratio: 0.6

Note that the PAT is higher than PBT for FYE 2010 due to reversal of deferred tax liability pursuant to the sale of certain properties to Sunway REIT.

And according to the unaudited FYE 2011 Q1 result announced in KLSE on 16 August 2011, the 1st quarter result is as below:

Revenue: RM833.711 million (26.6% of last year annual revenue)
PBT: RM79.219 million (11% of last year annual PBT)
PAT: RM88.921 million (8.9% of last year annual PAT)
Cash on hand: RM961.822 million (up by RM105.63 million or 12.34%)
Debts: RM2.328 billion (reduced by 4 million)
Total equity: RM3.079 billion (up by RM97 million or 3.25%)
Total liability: RM4.15 billion (reduced by RM253 million or 5.75%)

EPS: 5.28 sen (9.9% of last year EPS)
Fully diluted EPS: 4.4 sen (9.9% of last year diluted EPS)
NTA: 2.07 (up by 6 sen or 2.99%)

Unbilled sales: RM1.7 billion
Total order book: RM2.4 billion

Note that Sunway has just recently been awarded the Package B of Kelana Jaya line LRT extension project worth RM569 million, which will push their total order book to RM3 billion and above.

Disclaimer: This article is intended for sharing of point of view only. It is not an advice or recommendation to buy or sell any of the mentioned stock counters. You should do your own homework before trading in Bursa Malaysia.


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