Stock Name: IOICORP
Company Name: IOI CORPORATION BHD
KUALA LUMPUR: ECM Libra Research has upgrading IOI Corporation from Hold to Trading Buy as the research house is positive on the group's initiative to boost hectarage.
IOI Corp on July 28 proposed the acquisition of 11,977ha of oil palm PLANTATION [] land for a total cash consideration of RM830 million (RM69,294/ha) from a wholly owned subsidiary of DUTALAND BHD [].
The acquisition comprises of all assets including buildings, fixtures & fittings and motor vehicles.
ECM Libra in a note Friday, July 29 said that furthermore, there could be positive news from the property segment from land banking activities like the recent purchase into South Beach PROPERTIES [] in Singapore.
'Our target price adjusts to RM6.11 from RM5.96 previously following the upgrade in earnings and also from rolling over valuations to FY12 from CY11 previously.
'We peg EPS to IOI's historical average forward PE of 20 times,' it said.
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Company Name: IOI CORPORATION BHD
| Research House: ECMLIBRA | Price Call: TRADING BUY | Target Price: 6.11 |
KUALA LUMPUR: ECM Libra Research has upgrading IOI Corporation from Hold to Trading Buy as the research house is positive on the group's initiative to boost hectarage.
IOI Corp on July 28 proposed the acquisition of 11,977ha of oil palm PLANTATION [] land for a total cash consideration of RM830 million (RM69,294/ha) from a wholly owned subsidiary of DUTALAND BHD [].
The acquisition comprises of all assets including buildings, fixtures & fittings and motor vehicles.
ECM Libra in a note Friday, July 29 said that furthermore, there could be positive news from the property segment from land banking activities like the recent purchase into South Beach PROPERTIES [] in Singapore.
'Our target price adjusts to RM6.11 from RM5.96 previously following the upgrade in earnings and also from rolling over valuations to FY12 from CY11 previously.
'We peg EPS to IOI's historical average forward PE of 20 times,' it said.
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