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Hot Stock AmCorp Properties jumps 5.52% after AffinHwang starts coverage
by Cals Sun 27 Sep 2015, 17:20
Hot Stock
AmCorp Properties jumps 5.52% after AffinHwang starts coverage
By Surin Murugiah / theedgemarkets.com | September 25, 2015 : 9:27 AM MYT
KUALA LUMPUR (Sept 25): Shares of Amcorp Properties Bhd (AmProp) ([You must be registered and logged in to see this image.] Valuation: 2.40, Fundamental: 2.10) jumped 5.52% in early trade today after AffinHwang Capital Research initiated coverage on AmProp with a “Buy” rating target price of RM1.53 and said AmProp is a niche property developer that will likely see its London and Tokyo property projects driving its robust 64% earnings CAGR over FY15-17E.
At 9.07am, AmProp rose 4.5 sen to 86 sen with 79,600 shares traded.
In a note today, the research house said AmProp’s recurring income stream both from its investment properties (Amcorp Trade Centre) and renewable energy projects (solar and hydro with a combined 16MW) is growing.
“At a 2016E PE of 4.9x, we believe AmProp is significantly undervalued and ripe for a re-rating given: 1) its improved earnings profile; 2) upside to valuations on greater stock awareness; and 3) dividend upside potential in view of non-core asset disposal.
“Initiate coverage with a Buy (upside potential 88%),” it said.
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