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NewsAlliance Research sees turning point for Penang's Hunza Properties
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Alliance Research sees turning point for Penang's Hunza Properties
by hlk Thu 16 May 2013, 09:44
KUALA LUMPUR: Alliance Research expects 2013 to be a turning point for Hunza Properties
as the completion of Gurney Paragon Mall in Penang by mid-2013 will
provide significant boost to its earnings visibility and realised net
asset value (RNAV).
"Over the longer term, we expect Hunza
Properties to be transformed into an asset rich company with investment
properties worth in excess of RM4bil," it said on Thursday.
Alliance Research said given improved prospects, it believe its share price at 71% discount to RNAV of RM6.55 is not justified.
"We
recommend long-term investors to buy Hunza Properties with target price
of RM2.62," it said. Its closing price on Wednesday was RM1.90.
as the completion of Gurney Paragon Mall in Penang by mid-2013 will
provide significant boost to its earnings visibility and realised net
asset value (RNAV).
"Over the longer term, we expect Hunza
Properties to be transformed into an asset rich company with investment
properties worth in excess of RM4bil," it said on Thursday.
Alliance Research said given improved prospects, it believe its share price at 71% discount to RNAV of RM6.55 is not justified.
"We
recommend long-term investors to buy Hunza Properties with target price
of RM2.62," it said. Its closing price on Wednesday was RM1.90.
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