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Hot Stock Daiman rises 9% after The Edge weekly report
by Cals Tue 26 Nov 2013, 05:06
| Hot Stock Daiman rises 9% after The Edge weekly report |
| Business & Markets 2013 |
| Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com |
| Monday, 25 November 2013 15:12 |
At 12.30pm, Daiman settled at RM3.31, up 21 sen, with some 1.6 million shares done. The bourse’s eighth-largest gainer had earlier risen as much as 27 sen or 9% to RM3.37.
Daiman shares changed hands at RM3.31 at 3.04pm.
This compares to Daiman's latest reported book value of RM4.89 a share, according to the company's latest financial statements to the exchange.
Research firm InsiderAsia said Daiman's revised net asset value (RNAV) is estimated at RM11.45 a share.
InsiderAsia's report which is published in the latest issue of The Edge Malaysia, indicates that the RNAV for Daiman includes the market value of Daiman's development land, and book value of its investment properties.
Daiman's cash is also closely watched. InsiderAsia said that Daiman has been in a net cash position for the past few years.
This translates into a strong balance sheet for the firm.
“With rising land values over time, we believe it is a safe stock to buy and keep for the next generation,” said InsiderAsia which has also noted Daiman's undervalued landbank.
Looking ahead, InsiderAsia believes Daiman should be able to achieve a net profit close to RM70 million for current financial year ending June 30, 2014.
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