♦ In line. Excluding the one-off fair value gain amounting to RM41.8m (RM32.4m
net) arising from the completion of disposal of three parcels of leasehold land
to Sunway Pyramid S/B, core net profit of RM39.3m came in within our expectations but below consensus estimates by 10.5%. Compared to 1Q10 core net profit of RM41.9m, contraction of 6.3% in 2Q10 core earnings was mainly dragged down by lower revenue from the property development division, due to the completion and delivery of Sunway Giza in 1Q10. To our surprise, Suncity declared an interim dividend of 31 sen, to commemorate the successful listing of Sunway REIT. Including our final dividend forecast of 5 sen, this year’s dividend yield may potentially surge to 9.7%.
Sunway City Berhad : 31 sen gross dividend to reward shareholders - 23/08/2010
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