Inta Bina extends gains after Bursa debut

KUALA LUMPUR (May 26): Inta Bina Group Bhd shares rose as much as 0.5 sen or 2% today after the stock's Bursa Malaysia ACE Market debut yesterday.

Today, construction firm Inta Bina shares rose to their highest so far at 31 sen at 10:01am. Inta Bina, which saw some 12 million shares traded, was Bursa Malaysia's seventh most-active stock.

Inta Bina's initial public offering involved a public issue of 107.05 million new shares and an offer for sale of 26.76 million existing shares at 25 sen each.

Yesterday, the stock rose 5.5 sen to 30.5 sen. In a recent note, Inter-Pacific Research Sdn Bhd said the firm had a fair value of 32 sen for Inta Bina shares.

"Our fair value of RM0.32 is based on 11x FY17 EPS, a potential upside of 27%. We justify our valuation based on a proven track record by the management team, with an expected 12.8% earnings growth for FY17 and a potential migration from the ACE Market to Main Market," Inter-Pacific said. — theedgemarkets.com

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