Stock Name: IOICORP
Company Name: IOI CORPORATION BHD
Research House: KENANGA
Company Name: IOI CORPORATION BHD
Research House: KENANGA
Kenanga Research is maintaining its "market perform" stance on IOI Corp Bhd, but has lowered the target price to RM5.63, from RM5.86, previously because of anticipated reduced crude palm oil earnings for financial year ending Dec 31, 2012.
In a research note today, it also remained neutral on IOI's investment in Singapore City Development (CDL) and its joint venture with CDL to develop South Beach Consortium.
"Despite South Beach'S strategic location, we think the huge total investment cost up to S$816.9 million, at a time when the Singapore government is trying to cool the property sector, may affect demand for the project. -- Bernama
In a research note today, it also remained neutral on IOI's investment in Singapore City Development (CDL) and its joint venture with CDL to develop South Beach Consortium.
"Despite South Beach'S strategic location, we think the huge total investment cost up to S$816.9 million, at a time when the Singapore government is trying to cool the property sector, may affect demand for the project. -- Bernama
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