Cahya Mata Sarawak selldown overdone, says RHB Research
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Cahya Mata Sarawak selldown overdone, says RHB Research
Cahya Mata Sarawak selldown overdone, says RHB Research |
Business & Markets 2014 |
Written by theedgemalaysia.com |
Monday, 10 February 2014 09:27 |
KUALA LUMPUR (Feb 10): RHB Research has maintained its Buy rating on Cahya Mata Sarawak Bhd (CMS) at RM6.79 with a fair value of RM9.15 and said CMS’ share price declined 11.1% on rumours of the Sarawak Chief Minister (CM) stepping down.
In a note Monday, the research house said while this could happen by end-February, he could be appointed the State’s new Governor.
“Thus, CMS’ selldown may have been overdone as its businesses are expected to go on as usual.
“The new CM is also likely to carry on with SCORE developments, which will benefit the group. Reiterate Buy and our sum-of-parts-based RM9.15 fair value,” it said.
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