Stock Name: IJMLAND
Company Name: IJM LAND BERHAD
Research House: AMMB
KUALA LUMPUR: AmResearch has raised its fair value on IJM Land Bhd to RM3.88/share from RM3.60/share while maintaining its BUY on the stock.
'This is based on an unchanged 10% discount to our upward revised fully-diluted (FD) NAV of RM4.31/share (from RM4.00/share previously). The higher FD NAV stems from an estimated accretion of RM0.31/share (50% stake) from the acquisition of 2,000 acres of land at Canal City (GDV: RM6.5bil),' said the research house on Friday, Oct 15.
AmResearch said the significance of this deal is its attractive pricing, sheer size and immediate development potential given a large residential catchment.
Stemming from other value propositions, discount to NAV should narrow as IJM Land achieves its long-overdue status as a core portfolio holding.
No comments:
Post a Comment