not vested
BBMG Corporation (2009 HK)
3Q15: Property Bookings Remain Intact And BTH Integration Implementation Is Key In 2016
BBMG’s 9M15 core net profit slipped 46% yoy, coming in lower than our and consensus full-year forecasts of 32% yoy and 22% yoy declines respectively.
Nonetheless, we expect property sales deliveries to ramp up in 4Q15 on the back of its robust property contracted sales growth last year.
We expect BBMG to post a lower rate of decline in earnings vs the 40-70% declines of pure cement players this year.
The implementation of the BTH integration is critical for the regional cement market and BBMG’s industrial land conversion in 2016.
Maintain BUY. Target price: HK$8.40.
Source: UOBKH
https://research.uobkayhian.com/content ... 211e81f4f2