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RHB Research maintains Buy on Tambun Indah, raises fair value to RM3

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RHB Research maintains Buy on Tambun Indah, raises fair value to RM3 Empty RHB Research maintains Buy on Tambun Indah, raises fair value to RM3

Post by Cals Thu 05 Jun 2014, 20:13

RHB Research maintains Buy on Tambun Indah, raises fair value to RM3
Business & Markets 2014
Written by theedgemalaysia.com   
Thursday, 05 June 2014 07:56

KUALA LUMPUR (June 5): RHB Research has maintained its Buy rating on Tambun Indah Land Bhd at RM2.07 with a higher fair value of RM3 (from RM2.50) after Tambun Indah (Tambun) received a letter of acceptance of offer for the proposed acquisition of 209.54 acres of freehold land from TPPT for a purchase consideration of RM150 million.

In a note Thursday, the research house said Tambun Indah’s new 209.5-acre land adjacent to its existing Pearl City township was a big re-rating catalyst for the stock as: i) the company will emerge to be the largest listed land owner in Penang mainland; ii) its total GDV could potentially be boosted by 34% or MYR1-1.3bn; and iii) it eases investors’ concern on depleting landbank and hence long-term sustainable growth.

“Maintain Buy with new RM3.00 fair value,” it said.
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