Hot Stock Tiong Nam Logistics rises 2.6% after HLIB Research starts coverage
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Hot Stock Tiong Nam Logistics rises 2.6% after HLIB Research starts coverage
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[size=28]Tiong Nam Logistics rises 2.6% after HLIB Research starts coverage
By Surin Murugiah / theedgemarkets.com | July 11, 2016 : 9:54 AM MYTKUALA LUMPUR (July 11): Shares in Tiong Nam Logistics Holdings Bhd (TNLogis) rose 2.6% this morning after Hong Leong IB Research initiated coverage on TNLogis with a “Buy”rating and target price of RM2.07 and said the warehousing assets owned by the logistics player have seen appreciation in value over time and now the assets could now be monetized to relieve its balance sheet.
At 9.33am, TNLogis rose 4 sen to RM1.58 with 891,900 shares done.
In a note today, the research said it is now opportune time for TNLogis to go warehouse REIT listing which could potentially fetch a market cap of RM528.6 million.
It said while the listing of its warehouses would improve its cash position significantly, HLIB Research does not foresee large cash payout post the potential corporate exercise.
“Moreover, a payout of 10% of the potential listing proceeds could yield to circa 5%, attractive given the current volatile market.
“While admittedly outlook of the property market is still subdued, the group still owns undeveloped landbank with the size of 152.7 acres (potential GDV of circa RM1.5 billion), which has yet to be factored into our valuations.
“Initiate with a Buy Call based on our SoP-driven target price is RM2.07 (+34.4% upside),” it said.
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