Survival is the top priority
? Times’ FY21 results were disappointing with core profit down 33% yoy on asset write-down provisions and higher-than-expected minority interest.
? Management has indicated that Times is committed to repay all its debts including two US$ bonds due in Apr this year.
? Times will put more effort into converting its high value urban redevelopment projects in GBA, instead of buying land through public auction.
? Management guided for a c.30% yoy decline in sales for FY22.
? Its attractive valuations of 1.2x FY22 and 0.14x P/BV should factor in most of the negatives for the company. Upgrade to Add from Hold.