Stock Name: MRCB
Company Name: MALAYSIAN RESOURCES CORP
Research House: HWANGDBS
Company Name: MALAYSIAN RESOURCES CORP
Research House: HWANGDBS
Malaysian Resources Corporation Bhd (MRCB) is still a "Buy" with a target price of RM3.15 per share following its proposed acquisition of the entire equity of 59iNC for RM110 million, said HwangDBS Vickers Research.
"We are positive of this development as it will further entrench the company's property presence in the Klang Valley with just 4.8 hectares of land bank remaining in KL Sentral," said the research house in a note today.
The company to be acquired owns 10.96 hectares of government leasehold land in Setapak, which is slated for mixed development comprising high-rise residential, commercial and retail development.
"The estimated total gross development value is RM1.5 billion while expected profits to be derived is RM300 million, implying margins of 20 per cent.
"The project is expected to be launched in 2012 and will have a duration of eight years," it said. It said the total GDV outstanding for MRCB would rise to RM15.1 billion, from RM13.6 billion. -- Bernama
"We are positive of this development as it will further entrench the company's property presence in the Klang Valley with just 4.8 hectares of land bank remaining in KL Sentral," said the research house in a note today.
The company to be acquired owns 10.96 hectares of government leasehold land in Setapak, which is slated for mixed development comprising high-rise residential, commercial and retail development.
"The estimated total gross development value is RM1.5 billion while expected profits to be derived is RM300 million, implying margins of 20 per cent.
"The project is expected to be launched in 2012 and will have a duration of eight years," it said. It said the total GDV outstanding for MRCB would rise to RM15.1 billion, from RM13.6 billion. -- Bernama
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