Kenanga is maintain its 'hold' call on KLCC Property Holdings with an unchanged fair value of RM3.44, based on SOP RNAV.
The share price of KLCC is expected to remain capped in the short to medium term due to dilution issues arising from uncertain RCULS conversion timeline.
'FY10 recurring net profit (RNP) of RM237 million came within expectations, accounting for 98 per cent of street's FY10E RNP of RM242 million and 100 per cent of our RM237 million,' says Kenanga.