RHB Research downgrades Hua Yang to Neutral, target price RM2.28

KUALA LUMPUR (Jan 23): RHB Research has downgraded Hua Yang Bhd to “Neutral” (from Buy) with an unchanged target price of RM2.28 in light of the challenging property market.

In a note Friday, the research house said take-ups for new launches had been slow, and it expects this trend to continue in the near future.

“We also expect Hua Yang to be more aggressive with its landbanking activities in FY16 given its target to replenish up to RM5 billion of gross development value,” it said.