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NewsM&A Securities maintains Buy on MMC Corp, fair value RM3.03
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M&A Securities maintains Buy on MMC Corp, fair value RM3.03
by Cals Wed 10 Apr 2013, 15:01
M&A Securities maintains Buy on MMC Corp, fair value RM3.03
Business & Markets 2013
Written by theedgemalaysia.com
Wednesday, 10 April 2013 14:50
A + / A - / Reset
KUALA LUMPUR (April10): M&A Securities has maintained its Buy rating on MMC CORPORATION BHD [] with a fair value of RM3.03 based on sum-of-the-parts valuation after Saudi Arabia terminated the MMC Corp’s 50:50 joint venture with the Saudi Binladin Group to develop Jazan Economic City (JEC).
In a note Wednesday, the research house said MMC Corp had stated that the termination was due to the certain circumstances that interrupted the progress of the project.
‘However, the group will be engaging advisers on the matters relating to the termination and compensation. We foresee the lack of JEC development progress might be related to the global financial crisis that occurred in 2010.
“We have already previously excluded this project from our earnings forecast as MMC Corp has not continued its investment in the JEC development for more than a year ago,” it said.
Business & Markets 2013
Written by theedgemalaysia.com
Wednesday, 10 April 2013 14:50
A + / A - / Reset
KUALA LUMPUR (April10): M&A Securities has maintained its Buy rating on MMC CORPORATION BHD [] with a fair value of RM3.03 based on sum-of-the-parts valuation after Saudi Arabia terminated the MMC Corp’s 50:50 joint venture with the Saudi Binladin Group to develop Jazan Economic City (JEC).
In a note Wednesday, the research house said MMC Corp had stated that the termination was due to the certain circumstances that interrupted the progress of the project.
‘However, the group will be engaging advisers on the matters relating to the termination and compensation. We foresee the lack of JEC development progress might be related to the global financial crisis that occurred in 2010.
“We have already previously excluded this project from our earnings forecast as MMC Corp has not continued its investment in the JEC development for more than a year ago,” it said.
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