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NewsCIMB Research maintains Neutral on Felda Global, target price RM4.50
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CIMB Research maintains Neutral on Felda Global, target price RM4.50
by Cals Wed 10 Jul 2013, 08:49
CIMB Research maintains Neutral on Felda Global, target price RM4.50
Business & Markets 2013
Written by theedgemalaysia.com
Wednesday, 10 July 2013 08:40
KUALA LUMPUR (July 10): CIMB Research has maintained its Neutral rating on Felda Global Ventures Holdings Bhd (FGV) at RM4.54 with a target price of RM4.50 and said it as neutral overall on the group's landbank acquisition in Indonesia.
In a note Wednesday, the research house’s Ivy Ng said the land was located close to FGV’s current estates and the acquisition price was fair.
“More importantly, we sense that this is the beginning of a series of M&As the group hopes to seal. FGV is actively evaluating acquisition proposals to grow its businesses through its IPO proceeds.
“These acquisitions are expected to boost future earnings and improve the age profile of its estates. We maintain our sum-of-parts-based target price and Neutral call as we believe the stock is fairly valued,” said Ng.
Business & Markets 2013
Written by theedgemalaysia.com
Wednesday, 10 July 2013 08:40
KUALA LUMPUR (July 10): CIMB Research has maintained its Neutral rating on Felda Global Ventures Holdings Bhd (FGV) at RM4.54 with a target price of RM4.50 and said it as neutral overall on the group's landbank acquisition in Indonesia.
In a note Wednesday, the research house’s Ivy Ng said the land was located close to FGV’s current estates and the acquisition price was fair.
“More importantly, we sense that this is the beginning of a series of M&As the group hopes to seal. FGV is actively evaluating acquisition proposals to grow its businesses through its IPO proceeds.
“These acquisitions are expected to boost future earnings and improve the age profile of its estates. We maintain our sum-of-parts-based target price and Neutral call as we believe the stock is fairly valued,” said Ng.
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