4Q08 core net profit of S$46.2m forms 10% of our full-year estimate. We believe results are below consensus as well. FY08 core net profit of S$410m forms only 88% of our full-year forecast due to weaker-than-expected home sales in Australia and China. A total DPS of 7cts was announced, translating to a yield of 2.9%
We lower our core FY09-10 EPS estimates by 44-49% to take in the effects of dilution and slower home sales. We also introduce FY11 numbers. Our adjusted post-rights CY09 RNAV drops from S$3.28 to S$2.36. Post-rights, our target price has been reduced from S$2.30 to S$1.65, still pegged at a 30% discount to RNAV and implying a cumrights target price of S$1.84. Post-rights P/BV of 0.7x, while undemanding, does not reflect trough valuations. Maintain Underperform.
Source: CIMB, 10 Feb 2009
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