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TA upgrades Bina Puri on RM149m Kelantan property JV

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TA upgrades Bina Puri on RM149m Kelantan property JV

Post by Cals Wed 20 Nov 2013, 18:46

TA upgrades Bina Puri on RM149m Kelantan property JV

Business & Markets 2013

Written by Jonathan Gan of theedgemalaysia.com

Wednesday, 20 November 2013 13:40

KUALA LUMPUR (Nov 20): TA Securities has upgraded its earnings forecast for Bina Puri Holdings Bhd. This is anticipation that Bina Puri's planned real estate project in Kelantan will support the group's bottom line.

TA said in a report today that “we expect the proposed development to enhance the bottom line by RM0.1m in FY14, and 0.5m each in FY15 and FY16, raising our earnings forecast for FY14 to FY16 by 0.7% to 1.9%."

Bina Puri's financial year ends on December 31.

Despite the earnings upgrade, TA has maintained its "buy" call for Bina Puri shares with an unchanged target price (TP) of 96 sen.

Bina Puri has entered into a joint venture agreement with Sentosa Jaya Development Sdn Bhd for a planned RM148.7 million high-rise project in Kota Bharu, Kelantan.

The project is a 27-storey apartment block comprising 10 shops, 11 office units, 339 apartments and 485 car parks.

TA said the indicative price for the apartments starts from RM450 psf.

Cals: Administrator; Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
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Comments : â€œMy plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis

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