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NewsCIMB initiates coverage on Eco World with an 'add' call, TP seen at RM8
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CIMB initiates coverage on Eco World with an 'add' call, TP seen at RM8
by Cals Tue 13 May 2014, 01:20
| CIMB initiates coverage on Eco World with an 'add' call, TP seen at RM8 |
| Business & Markets 2014 |
| Written by Chong Jin Hun of theedgemalaysia.com |
| Monday, 12 May 2014 11:04 KUALA LUMPUR (May 12): CIMB Investment Bank Bhd has initiated coverage on Eco World Development Group Bhd shares with an "add" call and target price of RM8. In a note, CIMB research head Terence Wong said property developer Eco World is undergoing a major transformation, which will put the firm on investor’s radar. Eco World is linked to SP Setia Bhd's former chief Tan Sri Liew Kee Sin. "Eco World is undergoing a major transformation that will put it high on investor’s radar. It is likely to become the most-watched and exciting developer in the coming years as it has the DNA of the best-managed property company in Malaysia, i.e. SP Setia. "Tan Sri Liew joined Eco World's board on May 5 as a non-independent and non-executive director and he brings with him the credibility and track record that made SP Setia Malaysia's best and most-admired developer," Wong said. Eco World said last week Liew had emerged as a substantial shareholder in the firm with an indirect 35.05% stake. Liew owns the stake comprising 88.8 milion shares through his son Tian Xiong's direct equity portion in the firm. |
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