MIDF Equity research maintains ‘buy’ call on MRCB
KUALA LUMPUR, July 30 — MIDF Equity Research has maintained the “buy” call on Malaysian Resources Corp Bhd (MRCB).
The research house left its forecast unchanged pending an official announcement from MRCB on its acquisition of private developer, Nusa Gapurna Development Sdn Bhd (Nusa Gapurna).
“Our target price is maintained at RM2.43,” the research house said in its research note on MRCB today.
As at midday, MRCB rose eight sen to RM1.81.
MIDF Equity Research said it is positive over the news on Nusa Gapurna as the company has a prime landbank profile in the Klang Valley with a gross development value estimated at between RM11-RM13 billion.
It also expressed a liking for MRCB as it expects the company to be the prime developer of the RM10 billion redevelopment of the Rubber Research Institute land set over 1,214 hectares in Sungai Buloh.
“MRCB is also reportedly the frontrunner to develop a prime 8.09-hectare land at Jalan Bangsar in Kuala Lumpur.
“Its KL Sentral Development project is also progressing well.
“MRCB has a strong construction orderbook of RM1.4 billion that will last until 2014 and has been prequalified for some MRT1 project packages,” it added. — Bernama