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Affin raises KLCC Property price target
by hlk Mon 29 Apr 2013, 11:49
Affin Investment Bank Research raised its target price on shares of KLCC
Property Holdings Bhd to RM7.50 from RM7.20 as it expects the company's
stocks to trade at a premium valuation following a restructuring
exercise.
Shares of the company, which have been suspended since
April 23, will merge with units of KLCC Real Estate Investment Trust
(REIT) to create a market capitalisation of RM12.1 billion, said Affin.
The new entity will be supported by a low level of debt and a stable of prime assets, it added.
The brokerage, however, downgraded KLCC Property to 'add' from 'buy' as it expects a lower upside from the stock.
The
new entity comprising KLCC Property and KLCC REIT is expected to list
on the local bourse in early May, as the restructuring exercise is said
to be progressing well.-- Reuters
Property Holdings Bhd to RM7.50 from RM7.20 as it expects the company's
stocks to trade at a premium valuation following a restructuring
exercise.
Shares of the company, which have been suspended since
April 23, will merge with units of KLCC Real Estate Investment Trust
(REIT) to create a market capitalisation of RM12.1 billion, said Affin.
The new entity will be supported by a low level of debt and a stable of prime assets, it added.
The brokerage, however, downgraded KLCC Property to 'add' from 'buy' as it expects a lower upside from the stock.
The
new entity comprising KLCC Property and KLCC REIT is expected to list
on the local bourse in early May, as the restructuring exercise is said
to be progressing well.-- Reuters
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