Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Jan 20): Hong Leong IB Research (HLIB) has maintained its “Buy” rating on Quill Capita Trust with a higher target price of RM1.34 (from RM1.30) and said Quill’s FY14 gross revenue of RM70.25 million (+1.9% year-on-year) was translated into normalised net profit of RM34.15 million (-1.1% y-o-y), accounting for 98.1% and 96.8% of HLIB and consensus FY forecasts, respectively.

In a note Tuesday, HLIB said that as expected, second interim dividend of 4.28 sen was declared bringing year-to-date dividend amounted to 8.38 sen per unit (FY13: 8.38 sen) accounting for 98.9% of our full year DPU assumptions.

“Maintain Buy with a higher target price of RM1.34 (previously RM1.30) as we roll forward our valuation to FY15.

“Targeted yield remains unchanged at 7.5% based on historical average yield spread of QCT and 7-year MGS,” it said.

      Print
      Text Size
      Share