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NewsMIDF ups E&O to 'buy' after UK foray
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MIDF ups E&O to 'buy' after UK foray
by hlk Tue 24 Apr 2012, 21:00
MIDF Research upgraded Eastern & Oriental Bhd to "buy" with an unchanged target price of RM1.70 per share following the property firm’s maiden foray into the United Kingdom.
The broker said the recent retracement of Eastern & Oriental’s share price also rendered the counter attractive, with projected total return of more than 15 per cent.
“At yesterday (Monday)’s closing price of RM1.42 per share, investors would be paying 38 per cent lower than what Sime Darby paid for its stake in Eastern & Oriental at RM2.30 per share,” MIDF said in a note today.
Eastern & Oriental announced on Monday its proposal to buy an office cum retail building known as Princes House in London for some RM101 million.
By 9.50am Malaysian time, shares of Eastern & Oriental was unchanged at RM1.42 per share, as compared with the Malaysian benchmark stock index that shed 0.14 per cent. -- Reuters
The broker said the recent retracement of Eastern & Oriental’s share price also rendered the counter attractive, with projected total return of more than 15 per cent.
“At yesterday (Monday)’s closing price of RM1.42 per share, investors would be paying 38 per cent lower than what Sime Darby paid for its stake in Eastern & Oriental at RM2.30 per share,” MIDF said in a note today.
Eastern & Oriental announced on Monday its proposal to buy an office cum retail building known as Princes House in London for some RM101 million.
By 9.50am Malaysian time, shares of Eastern & Oriental was unchanged at RM1.42 per share, as compared with the Malaysian benchmark stock index that shed 0.14 per cent. -- Reuters
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