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Public Invest Research starts coverage on LBS Bina, target RM2.08
by Cals Mon 25 Apr 2016, 18:37
Public Invest Research starts coverage on LBS Bina, target RM2.08
By theedgemarkets.com / theedgemarkets.com | April 25, 2016 : 8:55 AM MYTKUALA LUMPUR (April 25): Public Investment Bank Bhd research has initiated coverage on LBS Bina Group Bhd with an “Outperform” rating and target price of RM2.08, and said LBS Bina has been synonymous with medium-cost property development throughout the last two and a half decades without much fanfare, but which has certainly delivered to the thousands with distinction and fervor.
In a note today, the research house said it sees LBS Bina primed for sustained growth in the coming few financial years, underpinned by the on-going launches of its affordably-priced properties.
It said with its stated dual-dividend policy over the next two years, yields could range between 6.5% and 7.9%.
“We initiate coverage on LBS with an Outperform call and a target price of RM2.08 based on a 30% discount to its fully-diluted RNAV, the lower discount justifiable in our view given the ability of the Group to easily monetize its land bank in the current market environment, relative to its peers.
“Average price-earnings growth multiple of slightly under 0.5x (0.75x on a fully-diluted basis) based on its 3-year earnings CAGR of 16.4% deems the stock significantly undervalued at current levels,” it said.
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