Stock Name: MRCB
Company Name: MALAYSIAN RESOURCES CORP
Research House: HWANGDBS
Company Name: MALAYSIAN RESOURCES CORP
Research House: HWANGDBS
One of the best news for Malaysian Resources Corp Bhd (MRCB)is the RM1.2 billion Lot D project that had received approval from the Ministry of Housing for completion in 48 months vs the mandated 36 months, says HwangDBS.
"This means a possible launch in mid-2011 to diversify MRCB’s earnings away from construction, which dominated financial year 2009- 2010 forward earnings (50-75 per cent of EBIT)," adds HwangDBS.
HwangDBS expects the take-up to be strong with at RM1,000-RM1,200 per square feet, which is a discount to the adjacent St Regis.
"This will also coincide with the launch of its strata offices at Lot B (RM1.2 billion in gross development value). Abouit 30 per cent has been sold to committed buyers," HwangDBS said
HwangDBS, however understands that there is no firm commitment for a mass rapid trnsport (MRT) station at KL Sentral, but possibly one at the Museum nearby.
Given the strengthening KL Sentral franchise, Rubber Research Institure Malaysia (RRIM) land project and its robust contract flows in 2011. HwangDBS recommends MRCB a 'buy' with target price of RM3.05 (with a 41 per cent upside). - Reuters
"This means a possible launch in mid-2011 to diversify MRCB’s earnings away from construction, which dominated financial year 2009- 2010 forward earnings (50-75 per cent of EBIT)," adds HwangDBS.
HwangDBS expects the take-up to be strong with at RM1,000-RM1,200 per square feet, which is a discount to the adjacent St Regis.
"This will also coincide with the launch of its strata offices at Lot B (RM1.2 billion in gross development value). Abouit 30 per cent has been sold to committed buyers," HwangDBS said
HwangDBS, however understands that there is no firm commitment for a mass rapid trnsport (MRT) station at KL Sentral, but possibly one at the Museum nearby.
Given the strengthening KL Sentral franchise, Rubber Research Institure Malaysia (RRIM) land project and its robust contract flows in 2011. HwangDBS recommends MRCB a 'buy' with target price of RM3.05 (with a 41 per cent upside). - Reuters
No comments:
Post a Comment