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Hold, target price RM2
Hold, target price RM2 - Trends
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MAYBANK Investment Bank (Maybank IB) viewed Sunway Holdings Bhd's latest move to grow its domestic landbank as positive because the property developer would focus on high-end developments. Sunway recently agreed to buy 60 per cent of Spanland Sdn Bhd, a local property developer, for RM13.8 million cash. The acquisition enables Sunway to develop a land located opposite the Templer Park Country Club, which is suitable for high-end development. "Sunway's latest residential property project in Gombak is larger than its existing Sunway Rydgeway in Melawati, with a gross development value (GDV) of RM500 million vs RM165 ...
but suspects that long-term investors such as SSB co-founder Datuk Dr Tan Tat Wai, who collectively owns 7.9% in the company, may deem the offer price too low and are unlikely to accept the offer. He said the offer price represented a 5.7% premium to OSK’s original target price of RM1.94 and suggested that investors, especially those with a short-term investment horizon, accept the offer or dispose of the shares in the open market. Ng does not expect an upward revision to the offer price. He added that the further acquisition of SSB by Quek came as a surprise. “We had earlier ... Read More
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HOLD, TARGET PRICE RM2
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