Bursa Malaysia Stock Watch
IOI Corporation (Hold): Wins land auction in Singapore?
kltrader
Publish date: Mon, 16 Jan 2012, 10:35 PM
kltrader
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Cautious on property outlook; maintain Hold. IOI's subsidiary MultiWealth (Singapore) Pte. Ltd. has emerged as the highest bidder for a parcel of residential land at Jalan Lempeng for SGD408m (or SGD554psf ppr), according to Singapore's Housing & Development Board (HDB). We are Neutral on this win as we are generally cautious on the outlook for residential property in Singapore in the near term. Pending an announcement from IOI on its winning bid and development plan, we retain our Hold call and TP of RM5.14 (based on 16x FY13).
Maybank research (16 January 2012)
Click here for full report
Maybank research (16 January 2012)
Click here for full report
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