Hot Stock LBS Bina jumps 4.29% after CIMB Research starts coverage
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Hot Stock LBS Bina jumps 4.29% after CIMB Research starts coverage
- Hot Stock
[size=28]LBS Bina jumps 4.29% after CIMB Research starts coverage
By Surin Murugiah / theedgemarkets.com | March 3, 2016 : 9:39 AM MYTKUALA LUMPUR (March 3): LBS Bina Group Bhd (LBS) shares jumped 4.29% this morning after CIMB IB Research initiated coverage on LBS with an “Add” rating and target price of RM1.85 and said LBS defied the weak property market by delivering 55% sales growth in 2015, thanks to its focus on mass-market housing.
At 9.20am, LBS rose 6 sen to RM1.46 with 410,700 shares done.
In a note yesterday, the research house said it thinks LBS’s strong sales will translate into stronger earnings in next few years.
“We project 32% EPS CAGR in 2015-17. It also offers 7-9% dividend yield in 2016-17.
“Initiate coverage with an Add rating and target price of RM1.85, based on 40% discount to its RNAV.
“Strong sales and higher dividends are the key potential re-rating catalysts,” it said.
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