Hot Stock Iskandar Waterfront falls 6% on profit-taking after RM2.4b land deal

by **Cals** Fri 23 Jan 2015, 01:54

Hot Stock
Iskandar Waterfront falls 6% on profit-taking after RM2.4b land deal

KUALA LUMPUR (Jan 22): Iskandar Waterfront City Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) shares see-sawed in the morning trading session, rising to its intraday high of RM1.60 before settling nine sen or 6% lower at the midday break.
The stock had earlier gained on news Iskandar Waterfront (fundamental: 1.65; valuation: 1.5) would sell 51ha (128 acres) of land in Johor to China-based Greenland Group for RM2.4 billion.
Iskandar Waterfront shares fell nine sen or 6% to settle at RM1.45 at 12.30pm with some 2.7 million shares done. Earlier, the stock had risen to an intraday high of RM1.60.
Shares of Iskandar Waterfront resumed trading at 9am today following a suspension from 4.08pm yesterday.
The suspension came shortly after a statement to Bursa Malaysia from Iskandar Waterfront regarding its deal with China-based Greenland to jointly develop the 51ha in Plentong.
The disclosure to Bursa came substantially later than Iskandar Waterfront's media statement that was sent out shortly before 2.30pm.
It was puzzling that Iskandar Waterfront's share trade was not suspended yesterday morning prior to the signing in Shanghai and the release of its statement to the media.
[size=12](Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)[/size]