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BIMB Securities starts coverage on MCT, target RM1.01
by Cals Thu 07 Apr 2016, 01:05
BIMB Securities starts coverage on MCT, target RM1.01
By theedgemarkets.com / theedgemarkets.com | April 6, 2016 : 10:07 AM MYTKUALA LUMPUR (April 6): BIMB Securities Research has initiated coverage on MCT Bhd at RM1.23 with a “Hold” rating and target price of RM1.01 and said MCT ventured into property development in 2004 with its first project being a high rise condominium in USJ, Subang Jaya.
In a note today, the research house said MCT’s flagship project, OneCity is a mixed development in USJ, Subang.
It said lthe company uses modular construction technique and its in-house construction arm which enabled the group to garner better profitability vis-à-vis industry average.
The research house said that going forward, MCT will focus on building mid-end residential houses.
“Year-to-date MCT has close to 500 acres of landbank spreading across south of Klang Valley with an estimated GDV of RM15 billion which we expect to provide earnings visibility beyond 2020.
“Our target price of RM1.01 is based on sector’s mid-cap blended historical PER & PBV of 12x and 1.5x respectively premised on FY17E.
“We initiate MCT with a Hold call,” it said.
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