Faber 1.54 by OSK

Faber’s 9MFY09 revenue and earnings came in well above our expectation, making
up 88.9% and 92.6% of our full year forecast for FY09. The strong performance was
largely driven by higher contribution from its integrated facilities management (IFM)
division and a recovery in its property division. Due to the better-than-expected
performance, we have revised upwards our FY09 and FY10 earnings forecasts by
34% and 33% respectively on raising our revenue and margin assumptions for its
IFM and property divisions. We maintain our BUY recommendation with an upgraded
TP of RM1.54 from RM1.24 previously on the higher forecasts. Our target TP is based
on a SOP valuation.

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