Ivory Properties up on nod for Bayan Mutiara development

KUALA LUMPUR: Ivory PROPERTIES []
Bhd shares advanced on Tuesday, July 26 after it received the approval
to undertake a mixed development over 102.56 acres on Penang island,
which would make it the largest developer on the island.

At 10.35am, Ivory added two sen to RM1.20 with 1.64 million shares done.

The Penang Development Corporation (PDC) on Monday had approved the
purchase and development of the land in Bayan Mutiara, near the Penang
Bridge.

Of the 102.56 acres, it said 67.56 acres are existing land and 35 acres are to be reclaimed for a proposed mixed development

AmResearch in a note July 26 maintained its BUY rating on Ivory
Properties and raised its fair value from RM1.70/share to RM2.40/share –
based on an unchanged 40% discount to our revised NAV estimate of
RM4.00/share.

“We raised our NAV estimate from RM2.50/share to RM4.00/share to
account for a significant accretion to its assets value from the
successful tender for the sea-fronting Bayan Mutiara land (102.7acres)
in Penang,” it said.