Hua Yang shares rise after better 1H15 results

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KUALA LUMPUR: Property developer Hua Yang Bhd (Hua Yang) saw its share price rose 9 sen or 3.91% to RM2.39 as at 11.07 am after releasing its 2Q15 results yesterday.

The company announced its core earnings for the first half of 2015 ended Sep 30, 2014 (IH15) has doubled to RM49.9 million from RM24.6 million year-on-year.

Quarter-on-quarter, the company’s 2Q15 core earnings rose 9% to RM26 million from RM23.9 million.

Kenanga Research who has an "outperform" call on the stock with a target price of RM2.60 expects Hua Yang’s earnings growth momentum to continue, underpinned by the company’s strong unbilled sales of RM717.9 million with at least 1.5 years of earnings visibility, and launches worth RM1.1 billion for FY15, of which 56% has been launched.