Kenanga research initiates coverage on crescendo with 'outperform' rating

Kenanga research initiates coverage on crescendo with 'outperform' rating
Business & Markets 2013
Written by Bernama
Tuesday, 23 April 2013 14:48


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KUALA LUMPUR, (April 23): Kenanga Research has initiated coverage on Crescendo Corp Bhd with an "outperform" rating and a target price of RM3.56, based on a 30 per cent discount to its fully diluted revalued net asset value of RM5.08.

"We expect Crescendo to continue the rerating process, given its unique positioning as a pure Johor-based developer, with sizeable exposure to the Iskandar Malaysia region," it said in a note today.

Kenanga Research said the company will enjoy resilient demand given that it is positioned for the industrial property and affordable housing plays.

"Crescendo enjoys historically low land cost, which provides it flexibility to keep property pricing competitive or expand margins.

"The company has deep value and based on its estimated total remaining gross development value of RM7.4 billion, we believe it has between eight to nine years of earnings visibility, which is longer than other larger developers," it added.

Kenanga Research expects Crescendo's financial year 2014-2015 estimation earnings growth of 31-34 per cent and attractive net dividend yields of 5.9-7.5 per cent.

this morning watching this report also...
look good

what is your fundamental analysis on this stock sir JF?

Cals wrote:what is your fundamental analysis on this stock sir JF?

lol.. dont know... not good on analysis~ the report there mention good ma good lor.. haha but its 70% own by a family..

JF wrote:

Cals wrote:what is your fundamental analysis on this stock sir JF?

lol.. dont know... not good on analysis~ the report there mention good ma good lor.. haha but its 70% own by a family..

.

good insight , still family controlled company, float should be less and control of direction should be good