Bursa Alert
Global Market
NewsCIMB Research raises E&O target price to RM2.99 on positive outlook
Page 1 of 1
CIMB Research raises E&O target price to RM2.99 on positive outlook
by Cals Mon 02 Jun 2014, 23:58
| CIMB Research raises E&O target price to RM2.99 on positive outlook |
| Business & Markets 2014 |
| Written by Jonathan Gan of theedgemalaysia.com |
| Monday, 02 June 2014 10:42 KUALA LUMPUR (May 2): CIMB Research has maintained its Add rating on Eastern & Oriental Bhd at RM2.48 with a higher target price of RM2.99 (from RM2.75) and said it was positive on the acquisition of 110 million shares by E & O’s managing director Datuk Terry Tham from Sime Darby Bhd. In a note May 30, Terrence Wong of CIMB Research said that the acquisition showed strong conviction and commitment to E&O. “We view this vote of confidence by Datuk Terry positively, as the purchase price is at a 22% premium to E&O’s Wednesday closing price.” He added that this would allow the Penang government to draw a greater sense of comfort that the landmark Seri Tanjung Pinang 2 (STP2) project would be carried out by E&O and hopefully accelerate its approval process. The 110 million shares represented a 9.9% stake in E&O and was acquired by Tham for a total cash consideration of RM319 million. “We make no changes to our earnings per share, Add rating or target basis (30% discount to realizable net asset value (RNAV), though we raise our target price after lifting RNAV by 9% to RM4.28 to factor in an imminent start to STP2 reclamation work,” said Wong. At 10:07 am, E&O rose 3 sen to RM2.54 per share with a total of 437,000 shares traded. |
Cals- Administrator
- Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
Location : global
Comments : “My plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€
d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis
Similar topics» CIMB Research raises Perisai target price to RM2
» CIMB Research raises target price for MISC to RM7.63
» CIMB Research upgrades F&N to Add, raises target price
» My E.G. Services gains 4.08% after CIMB Research raises target price
» CIMB Research maintains Add on Perisai, raises target price to RM2.37
» CIMB Research raises target price for MISC to RM7.63
» CIMB Research upgrades F&N to Add, raises target price
» My E.G. Services gains 4.08% after CIMB Research raises target price
» CIMB Research maintains Add on Perisai, raises target price to RM2.37
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum