Stock Name: IOICORP
Company Name: IOI CORPORATION BHD
Cautious on property outlook; maintain Hold. IOI's subsidiary MultiWealth (Singapore) Pte. Ltd. has emerged as the highest bidder for a parcel of residential land at Jalan Lempeng for SGD408m (or SGD554psf ppr), according to Singapore's Housing & Development Board (HDB). We are Neutral on this win as we are generally cautious on the outlook for residential property in Singapore in the near term. Pending an announcement from IOI on its winning bid and development plan, we retain our Hold call and TP of RM5.14 (based on 16x FY13).
Maybank research (16 January 2012)
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Company Name: IOI CORPORATION BHD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 5.14 |
Cautious on property outlook; maintain Hold. IOI's subsidiary MultiWealth (Singapore) Pte. Ltd. has emerged as the highest bidder for a parcel of residential land at Jalan Lempeng for SGD408m (or SGD554psf ppr), according to Singapore's Housing & Development Board (HDB). We are Neutral on this win as we are generally cautious on the outlook for residential property in Singapore in the near term. Pending an announcement from IOI on its winning bid and development plan, we retain our Hold call and TP of RM5.14 (based on 16x FY13).
Maybank research (16 January 2012)
Click here for full report
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