Bursa Malaysia Stock Watch
Eastern & Oriental - Planting Seeds of Successful Partnership
kltrader
Publish date: Tue, 03 Apr 2012, 10:33 AM
kltrader
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This blog provides consolidated Bursa Malaysia stock market research, analysis, news and blogs from various sources. You can search and find all the past analysis and coverage on stocks and news by searching within this site. While this blog re-publishes contents from other sites, it does not own the rights nor responsible for the accuracy of the contents. If you disagree to your content from being published here, please add a comment, and your article will be removed from this site.
We initiate with an Outperform call and a RM2.20 target price (46% upside). We believe larger developers' competitive positions have improved with their sizable landbank and ties with government-linked companies. The property industry is getting consolidated, with the larger developers commanding better margins and higher market share.
Source: PublicInvest Research Research - 2 April 2012
Download: Research PDF
- E&O's premium branding, prime landbank and marketing prowess in our view, attracted Sime Darby to emerge as the major shareholder and roped in Mitsui Real Estate Sales Co LTd and Khazanah-Temasek as marketing and JV partners. These collaborations could broaden its market reach by leveraging on the partners' huge landbank and cross-marketing.
- In 2012, The Group will be busy selling Phase 2-3 Quayside condominiums in STP1 Penang with estimated GDV of RM1.2bn(average ASP RM1250psf) and possibly, launching a new RM360m (RM1200psf) condominium project in Jalan Yap Kwan Seng. Medini mixed development (GDV3bn) is targeted to be launched on 1QCY13.
- Our fully diluted RNAV for E&O is RM3.10. Potential catalyst include final approval for STP2 (760 acres, GDV RM 12-13bn), JV's with Sime Darby (37,000 acres landbank with an estimated RM100bn. GDV) and realizing its KPI of targeting RM250-300m in FY12/13.
Source: PublicInvest Research Research - 2 April 2012
Download: Research PDF
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