Tambun Indah Land (TILB MK, BUY, TP:MYR1.66)
Still Fundamentally Solid
Results Review
Tambun Indah Land’s (Tambun) solid balance sheet, steady cash flow, 6-7% dividend yield and low land cost underpins our BUY rating and MYR1.66 TP (13% upside). Although 2Q new sales turned weaker, full year numbers should meet our expectation of around MYR300-320m. Two more projects are slated for launch in 4Q16, but this will be subject to market conditions.
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