News Bits | 5 Dec 2012

Highlights of the day

§  Sunway Bhd (Quick Bits): Doubling up landbank in Johor (Maintain BUY, TP: RM2.70) [download report]

Sunway Berhad has entered into a 60:40 joint venture agreement with Iskandar Assets Sdn Bhd, a wholly-owned subsidiary of Iskandar Investment Berhad (IIB) to jointly acquire two parcels of land in Iskandar and undertake a mixed integrated development project on the site. The freehold lands are located in Pulai (Pendas North) and Tanjung Kupang (Western Pendas South), in Johor Bahru, measuring a total of 779 acres. The lands will be acquired for a total purchase consideration of up to RM412m (RM12.16 psf) which may vary depending on the outcome of a final land survey by the vendor, Iskandar Assets. At this juncture, we make no changes to our estimates. Maintain Buy on Sunway, with SOP-based target price of RM2.70.

 

Other reports

§  Newz Bits [download report]

 

Other Malaysian news

§  Telekom: Signs pacts to transform and develop Nusajaya

§  WCT: Internal revamp won’t affect WCT’s rating

§  RHBCap: Unit gets nod to sell Tier 2 notes

§  Investment: RM46bn projects for Johor

§  Steel: CRC makers get the cold shoulder on liberalisation

 

Global news

§  US: Obama sets higher top tax rate as precursor to fiscal deal

§  China: Communist government will keep economic policies stable

§  Australia: RBA cuts key rate to match half-century low as currency holds up

§  Singapore: November PMI contracts for 5th month as new orders decline