Bursa Malaysia Stock Watch
GLOMAC - Glomac shares still a 'buy': ECM
kltrader
Publish date: Wed, 01 Sep 2010, 05:27 PM
kltrader
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Stock Name: GLOMAC
Company Name: GLOMAC BHD
Research House: ECMLIBRA
Property developer Glomac Bhd's recent acquisition of Berapit Properties Sdn Bhd has expanded its land bank in Cyberjaya which now potentially has a gross development value of RM158 million, according to ECM Libra Investment Research.
"We believe more land bank acquisitions are in the offing," ECM Libra said in a research note today.
The research house maintained a "buy" in Glomac shares with an unchanged target price of RM1.87 based on the company's two-year earnings compound annual growth rate of 14.1 per cent and prospects of more land bank acquisitions.
Shares of Glomac traded unchanged at RM1.34 on Bursa Malaysia as at 2.17pm today.
"We are keeping our estimates unchanged until we get further information from management," ECM Libra said. -- Bernama
Company Name: GLOMAC BHD
Research House: ECMLIBRA
Property developer Glomac Bhd's recent acquisition of Berapit Properties Sdn Bhd has expanded its land bank in Cyberjaya which now potentially has a gross development value of RM158 million, according to ECM Libra Investment Research.
"We believe more land bank acquisitions are in the offing," ECM Libra said in a research note today.
The research house maintained a "buy" in Glomac shares with an unchanged target price of RM1.87 based on the company's two-year earnings compound annual growth rate of 14.1 per cent and prospects of more land bank acquisitions.
Shares of Glomac traded unchanged at RM1.34 on Bursa Malaysia as at 2.17pm today.
"We are keeping our estimates unchanged until we get further information from management," ECM Libra said. -- Bernama
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