Below expectations. 9MFY06/10 results came in below expectations, only accounting for 58-59% of our full-year forecast and the full-year market consensus. We believe variance against our forecast came largely from the slower-than-expected progress billings at MK28, its RM998m condominium project in Mont Kiara, despite strong take-up achieved (50%). Excluding RM19.4m disposal gains from the sale of Plaza Mont Kiara office space and an Australian asset in 1HFY06/09, 9MFY06/10 net profit still grew 1.8% yoy thanks to improved margins with its product mix shifting towards high-margin MK11 (RM903m condominium) and The Residence (RM120m bungalow project). As at Apr 10, its unbilled sales stood at RM907m, translating to 1.1x of our FY10 revenue forecast. Of this, 62% came from MK11, 35% from MK28 and 3% from other projects.
Sunrise Berhad : 9MFY06/10 Performance Weighed Down By Slower Progress Billings -14/05/2010
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