Analyst Bernard Ching, in his note to investors, said this recommendation was based on price to earnings ratio of 12 times of next year's forecast.
Yesterday, Glomac's shares traded 1 sen up to close at RM1.29.
The analyst noted Glomac's higher than expected profit of RM42.6 million for the year ended April 30 2010.
"Another pleasant surprise was the higher second and final net dividend of 3.4 sen, which brings the full year payout to 6.4 sen, higher than 5.9 sen in the last financial year," he said.
The group achieved bumper sales of RM277 million in its fourth quarter, driven by the sale of Glomac Damansara Tower D for RM170.7 million.
Glomac is now in a strong financial position following divestment of investment properties and placement of treasury shares which raised RM92.9 million.
- by Business Times
The above analysis will have a positive impact or impetus on its share price only if the article is published in The Star or The Weekly Edge magazine whose readership is comparatively higher and sure. Just look at what happened to Keck Seng when its article was published in the latter a couple months ago.
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