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CIMB Research upgrades IOI Corp to Trading Buy, raises target price
by Cals Mon 03 Jun 2013, 10:10
CIMB Research upgrades IOI Corp to Trading Buy, raises target price
Business & Markets 2013
Written by theedgemalaysia.com
Monday, 03 June 2013 09:33
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KUALA LUMPUR (June 3): CIMB Research has upgraded IOI CORPORATION BHD [] to a Trading Buy from Neutral at RM5.10 and raised its target price to RM6 (from RM5.56) and said it believed investors had yet to fully appreciate the potential value of its soon-to-be listed property unit.
In a note June 2, the research house said IOI Corp’s plans to scale up new launches could boost its property earnings by 66% to its RM1 billion target, while successful sales of overseas projects could lift earnings further.
“We raise our FY14-15 EPS by 2-5% to reflect higher property earnings. Our SOP goes up to RM6.00 on the removal of the 20% discount to its property RNAV to reflect our more bullish view on its property division.”
“We raise our rating to Trading Buy from Neutral as we see near-term upside to the stock given the huge potential upside for its soon-to-be listed property unit,” it said.
Business & Markets 2013
Written by theedgemalaysia.com
Monday, 03 June 2013 09:33
A + / A - / Reset
KUALA LUMPUR (June 3): CIMB Research has upgraded IOI CORPORATION BHD [] to a Trading Buy from Neutral at RM5.10 and raised its target price to RM6 (from RM5.56) and said it believed investors had yet to fully appreciate the potential value of its soon-to-be listed property unit.
In a note June 2, the research house said IOI Corp’s plans to scale up new launches could boost its property earnings by 66% to its RM1 billion target, while successful sales of overseas projects could lift earnings further.
“We raise our FY14-15 EPS by 2-5% to reflect higher property earnings. Our SOP goes up to RM6.00 on the removal of the 20% discount to its property RNAV to reflect our more bullish view on its property division.”
“We raise our rating to Trading Buy from Neutral as we see near-term upside to the stock given the huge potential upside for its soon-to-be listed property unit,” it said.
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