Bursa Alert
Global Market
NewsRHB Research maintains Market Perform on MBSB (1171)
Page 1 of 1
RHB Research maintains Market Perform on MBSB (1171)
by hlk Thu 19 Jul 2012, 11:00
KUALA LUMPUR: RHB Research Institute is maintaining its Market Perform call on Malaysia Building Society Bhd (MBSB) and fair value of RM2.46 based on 10 times fully-diluted 2012 earnings per share.
On Wednesday, MBSB announced it was selling its property development unit Gadini Sdn Bhd for RM40.6mil cash to Ken Holdings. Ken would also settle advances (RM13.6mil) and other liabilities (RM2mil) owed by Gadini to MBSB.
Gadini's core activity is property development and it owns four parcels of vacant leasehold land in Johor Bahru totalling about 22.8 acres. The price for the disposal of the properties was based on a valuation done by Henry Butcher and thus, and RHB Research said it thinks the pricing was fair. The disposal of Gadini is subject to the approval of Ken's shareholders and is expected to be completed in 4Q12. “The proposed disposal is expected to result in a gain of RM6.75m or +1.7% to our 2012 net profit forecast. This is not significant and thus, we are keeping our 2012 numbers unchanged,” said RHB Research.
On Wednesday, MBSB announced it was selling its property development unit Gadini Sdn Bhd for RM40.6mil cash to Ken Holdings. Ken would also settle advances (RM13.6mil) and other liabilities (RM2mil) owed by Gadini to MBSB.
Gadini's core activity is property development and it owns four parcels of vacant leasehold land in Johor Bahru totalling about 22.8 acres. The price for the disposal of the properties was based on a valuation done by Henry Butcher and thus, and RHB Research said it thinks the pricing was fair. The disposal of Gadini is subject to the approval of Ken's shareholders and is expected to be completed in 4Q12. “The proposed disposal is expected to result in a gain of RM6.75m or +1.7% to our 2012 net profit forecast. This is not significant and thus, we are keeping our 2012 numbers unchanged,” said RHB Research.
hlk- Moderator
- Posts : 19013 Credits : 45112 Reputation : 1120
Join date : 2009-11-14
Location : Malaysia
Similar topics» RHB Research’s fair value for MBSB at RM2.46, market perform
» RHB Research maintains market perform on UEM Land, FV RM2.18
» RHB Research maintains FV for Top Glove RM4.95, market perform
» RHB Research maintains market perform on Proton, FV RM2.90
» RHB Research maintains Market Perform on KNM (7164)
» RHB Research maintains market perform on UEM Land, FV RM2.18
» RHB Research maintains FV for Top Glove RM4.95, market perform
» RHB Research maintains market perform on Proton, FV RM2.90
» RHB Research maintains Market Perform on KNM (7164)
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum|
|
|