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CIMB Research keeps Outperform call for Oriental Holdings (4066)
by hlk Fri 03 Aug 2012, 10:51
KUALA LUMPUR: CIMB Equities Research said Oriental Holdings was way ahead of the curve in investing overseas before it became a major investment theme for Malaysian corporates.
“We
have revalued its overseas real estate assets, which were mostly
acquired during the early 1990s, to increase our RNAV by 10%.
“Our
target price is raised to RM10 based on 20% discount to RNAV which is
the same discount we use on Malaysian conglomerates that generate low
ROEs,” it said on Friday.
CIMB Research said the share price
will be driven by a rerating of the plantation business and a revival
in Honda auto sales in Malaysia and Singapore.
“We
have revalued its overseas real estate assets, which were mostly
acquired during the early 1990s, to increase our RNAV by 10%.
“Our
target price is raised to RM10 based on 20% discount to RNAV which is
the same discount we use on Malaysian conglomerates that generate low
ROEs,” it said on Friday.
CIMB Research said the share price
will be driven by a rerating of the plantation business and a revival
in Honda auto sales in Malaysia and Singapore.
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