News Bits | 5 Nov 2012

Highlights of the day

§  WCT (Quick Bits): Another major Iskandar development (Maintain BUY, TP: RM3.20) [download report]

WCT has entered a conditional lease purchase agreement with Iskandar Investment Bhd (IIB), to acquire an 18.12-acre piece of land in Mukim of Pulai, Johor Bahru for RM99.5m. The land is situated at Medini North, Iskandar Malaysia. WCT intends to use the acquired land for a mixed commercial development with an estimated gross development value (GDV) of RM1.5bn over 5 years that consists of office spaces, retail components and apartments. Based on our back-of-the-envelope calculation, this project has the potential to enhance WCT’s SOP value by about 8sen/share. We are keeping our target price unchanged pending more clarity on the project. Reiterate our BUY call on WCT with SOP-based target price of RM3.20.

 

Other reports

§  Newz Bits [download report]

 

Other Malaysian news

§  Telekom: No plans to relist VADS

§  KFCH: Shareholders likely to seek dividend at EGM

§  Malaysia Airports: KLIA2 expects 20 million passengers in first year

§  Telco: U Mobile scales new heights with 3G network expansion

§  Property: UEM planning auto city for Gerbang Nusajaya

§  Aviation: AirAsia X IPO to sell 33.3% of shares

 

Global news

§  US: Fiscal fears flip to US from Europe as G-20 sees modest growth

§  US: Services probably sustained expansion

§  Europe: Euro area resolve for single currency faces Greek test

§  China: Non-manufacturing industries signal rebound ahead

§  China: Taiwan as yuan hub seen aiding Perng currency appreciation fight

 

 

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