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
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
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