Stock Name: SUNRISE
Company Name: SUNRISE BHD
Research House: ECMLIBRA
ECM Libra has revised Sunrise Bhd recommendation to "hold" from "buy" but maintained the target price at RM2.80 per share following UEM Land Holdings' takeover offer to acquire all the company's equity last week.
It said UEM Land offer price of RM2.80 has increased the company's share price by 8.3 per cent to RM2.73, close to the offer price.
While Sunrise's revised net asset value is estimated to be at RM3.46 per share, near term upside is expected to be capped by the offer price, it said in a research note.
Prior to the acquisition, ECM Libra said UEM land did not intend to maintain the listing status of Sunrise if the company did not fulfil the minimum public shareholding spread as a result of the takeover offer. - Bernama
Company Name: SUNRISE BHD
Research House: ECMLIBRA
ECM Libra has revised Sunrise Bhd recommendation to "hold" from "buy" but maintained the target price at RM2.80 per share following UEM Land Holdings' takeover offer to acquire all the company's equity last week.
It said UEM Land offer price of RM2.80 has increased the company's share price by 8.3 per cent to RM2.73, close to the offer price.
While Sunrise's revised net asset value is estimated to be at RM3.46 per share, near term upside is expected to be capped by the offer price, it said in a research note.
Prior to the acquisition, ECM Libra said UEM land did not intend to maintain the listing status of Sunrise if the company did not fulfil the minimum public shareholding spread as a result of the takeover offer. - Bernama
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