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KUALA LUMPUR (June 9): CIMB IB Research has initiated coverage on Selangor Properties Bhd (SelProp) at RM4.90 with a “Hold” rating and target price of RM5.12 and said SelProp owns 42 acres of prime land in Damansara Heights and Bukit Tunku, two of the most prized locations in Kuala Lumpur (KL).
In a note June 8, the research house said it estimates these land parcels are worth RM1.8 billion, 8% more than SelProp’s market cap.
It said the company also had net cash of RM775 million as at Oct 16.
“Despite the strategic location, we think development of SelProp’s landbank will only pick up pace in 2019F, when property market conditions are expected to improve.
“We initiate coverage on the stock with a Hold call and target price of RM5.12, based on 50% discount to its RNAV,” it said. — theedgemarkets.com
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