RHB Research maintains "buy" call on Dijaya Corp

KUALA LUMPUR: RHB Research has maintained its "buy" call on Dijaya Corp for the group's aggressive property sales and land disposals that will contribute to its earnings going forward.

The research house said Dijaya recorded total sales of about RM254 million in the first quarter of its 2013 financial year.However, it said the management had indicated that year-to-date sales reached almost RM500 million, mainly contributed by its Klang Valley projects as well as its maiden Danga Bay project in Johor.

"We believe that Dijaya is still on track to meet our financial year 2013 sales target of RM2.0 billion," said RHB Research in a note.

It said Dijaya's property investment segment had also fared well, driven by improved yields for Tropicana City Mall and office tower. The research house said several projects had been lined up for launch in the second half of this year, including two projects in Penang.

It said Dijaya had earmarked several land parcels for sale in the near future, with expected gross proceeds of RM510 million. - Bernama