M&A sees Crest Builder's share price rising by 66pc

KUALA LUMPUR: M&A Securities Sdn Bhd has a 66 per cent upside target for construction-based Crest Builder Holdings Bhd's share price, currently trading at RM1.01.

This puts M&A Securities' target price for the stock at RM1.68.

The research firm initiated coverage on the company yesterday following its purported win of a RM1.4 billion Malaysian Rubber Board (MRB) job.

It was reported that MRB had awarded Crest Builder and its joint-venture partner Detik Utuh Sdn Bhd a contract to develop a 2.2ha plot in Jalan Ampang, Kuala Lumpur.

The land, also known as Lot 76, is located opposite the Great Eastern Mall and will reportedly be developed over seven years.

The development cost will be borne by the Crest Builder and Detik Utuh joint-venture.

MRB, as the landowner, is expected to receive 22 per cent of the project's gross development value (GDV) for land rights, which translates into about RM300 million.

The development will include four towers boasting of one office block, two SoFo (small office, flexi office) blocks and an apartment block atop a retail mall.

The news has not been confirmed by the company.

Crest Builder is a specialist construction and engineering contractor with more than 25 years of experience.

+1 = 745

TP 1.68??

but now

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retrace a bit cause news is out?

but contract not yet awarded to cresb