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Hot Stock Protasco gains 6% on rosy outlook
by Cals Wed 31 Jul 2013, 11:57
Hot Stock Protasco gains 6% on rosy outlook
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Wednesday, 31 July 2013 11:46
KUALA LUMPUR (July 31): Protasco Bhd emerged as one of the biggest gainers in the mid-morning trade while the local exchange submerged into the red.
At 11:26 am, the CONSTRUCTION [] player and property developer’s stock was up by seven sen or 5.51% to RM1.34 with a trade volume of 4.396 million. The counter had a trading range of RM1.33 and RM1.39.
SJ Securities senior remisier Goh Kay Chong told theedgemalaysia.com that investors could look at Protasco as a more defensive stock, given that the company profits highly from its road maintenance and construction division.
“Construction is part of a country’s economy. We need to sustain self-consumption to grow the country. So, the construction players benefit greatly when a country is growing,” he said over telephone.
A note by TA Securities released on Monday (July 29) said Protasco is maintaining about 14,000km of federal and state roads under long-term road maintenance contracts and concession.
“The outstanding value for these road maintenance and construction works stands at RM1.7 billion, which would provide earnings visibility to group for the coming three years,” said the research house in the note.
Also, TA said Protasco owns approximately 100 acres of freehold land in Kajang for a mixed development known as De Centrum City. The land’s gross development value (GDV) alone, said the research house, is worth about 15 times more than the company’s market capitalisation of RM420.2 million as at Monday.
“De Centrum City has a total potential GDV of RM6.6 billion to be completed in 10 to 15 years. Among the components of the development include high rise apartments, shop offices, SOHO, convention centre, hotel, office suite, retails lots, hypermarket and Cineplex.”
Calling Protasco a “hidden gem”, TA set a target price of RM2.28 for each of the company share.
The company however was not rated by TA.
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Wednesday, 31 July 2013 11:46
KUALA LUMPUR (July 31): Protasco Bhd emerged as one of the biggest gainers in the mid-morning trade while the local exchange submerged into the red.
At 11:26 am, the CONSTRUCTION [] player and property developer’s stock was up by seven sen or 5.51% to RM1.34 with a trade volume of 4.396 million. The counter had a trading range of RM1.33 and RM1.39.
SJ Securities senior remisier Goh Kay Chong told theedgemalaysia.com that investors could look at Protasco as a more defensive stock, given that the company profits highly from its road maintenance and construction division.
“Construction is part of a country’s economy. We need to sustain self-consumption to grow the country. So, the construction players benefit greatly when a country is growing,” he said over telephone.
A note by TA Securities released on Monday (July 29) said Protasco is maintaining about 14,000km of federal and state roads under long-term road maintenance contracts and concession.
“The outstanding value for these road maintenance and construction works stands at RM1.7 billion, which would provide earnings visibility to group for the coming three years,” said the research house in the note.
Also, TA said Protasco owns approximately 100 acres of freehold land in Kajang for a mixed development known as De Centrum City. The land’s gross development value (GDV) alone, said the research house, is worth about 15 times more than the company’s market capitalisation of RM420.2 million as at Monday.
“De Centrum City has a total potential GDV of RM6.6 billion to be completed in 10 to 15 years. Among the components of the development include high rise apartments, shop offices, SOHO, convention centre, hotel, office suite, retails lots, hypermarket and Cineplex.”
Calling Protasco a “hidden gem”, TA set a target price of RM2.28 for each of the company share.
The company however was not rated by TA.
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