Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD
Research House: HLG
KUALA LUMPUR: Hwang DBS Vickers Research raised the target price of BOUSTEAD HOLDINGS BHD [] to RM8.10.
It said on Monday, Feb 7, the higher TP was derived after assuming higher values for some of its projects, for example the remaining 10 corporate lots in Mutiara Damansara at RM540 psf vs RM450 psf previously.
HDBSVR said another factor was the higher land values of RM15 psf for Bukit Raja vs RM7 psf previously.
It also factored in a lower discount of 15% (vs 20%) to its sum-of-parts value as it expected execution risk to be minimal given the strong earnings delivery.
'Valuation remains compelling at 9x FY11 PE and 1.2x P/NTA with 5.6% yields,' it said.
Company Name: BOUSTEAD HOLDINGS BHD
Research House: HLG
KUALA LUMPUR: Hwang DBS Vickers Research raised the target price of BOUSTEAD HOLDINGS BHD [] to RM8.10.
It said on Monday, Feb 7, the higher TP was derived after assuming higher values for some of its projects, for example the remaining 10 corporate lots in Mutiara Damansara at RM540 psf vs RM450 psf previously.
HDBSVR said another factor was the higher land values of RM15 psf for Bukit Raja vs RM7 psf previously.
It also factored in a lower discount of 15% (vs 20%) to its sum-of-parts value as it expected execution risk to be minimal given the strong earnings delivery.
'Valuation remains compelling at 9x FY11 PE and 1.2x P/NTA with 5.6% yields,' it said.
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