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NewsCIMB Research maintains Neutral on IOI Corp, ups TP to RM5.53
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CIMB Research maintains Neutral on IOI Corp, ups TP to RM5.53
by hlk Wed 15 May 2013, 14:12
KUALA LUMPUR: CIMB Equities Research is positive on IOI Corp's proposal to demerge IOI
Property as it will unlock the value of IOI Corp's property division
through the relisting of one of Malaysia's largest property developers
with a potential market cap of RM8.2bil to RM14bil.
It said on
Wednesday at the same time, investors would have the option of a pure
exposure to either the group's plantation or property businesses.
“We
maintain our earnings forecasts but raise our valuation for the
property division and the P/E valuation for its plantation business to
reflect the recent upgrade of our target market P/E.
“This raises
our sum-of-parts target price to RM5.53 (from RM4.42). Maintain Neutral
as the recent share price surge has priced in this potential,” it said.
IOI Corp closed at RM5.46 on Tuesday.
Property as it will unlock the value of IOI Corp's property division
through the relisting of one of Malaysia's largest property developers
with a potential market cap of RM8.2bil to RM14bil.
It said on
Wednesday at the same time, investors would have the option of a pure
exposure to either the group's plantation or property businesses.
“We
maintain our earnings forecasts but raise our valuation for the
property division and the P/E valuation for its plantation business to
reflect the recent upgrade of our target market P/E.
“This raises
our sum-of-parts target price to RM5.53 (from RM4.42). Maintain Neutral
as the recent share price surge has priced in this potential,” it said.
IOI Corp closed at RM5.46 on Tuesday.
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