Bursa Malaysia Stock Watch
Boustead Holdings (BUY) - Prelude To Jalan Cochrane Development?
kltrader
Publish date: Mon, 16 Apr 2012, 12:41 PM
kltrader
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Boustead Holdings (BUY)
- Prelude To Jalan Cochrane Development?
- Boustead formed a 50:50 JV with Ikano (owner of IKEA in ASEAN) toacquire land from LTAT for development of a shopping mall in KL.
- Despite lack of details, we suspect the land is partof the strategically located 60 acres in Jalan Cochrane (JC).
- The parties are joining forces again to replicate thesuccess story of Mutiara Damansara and this could be a prelude to the long-awaited full scale development and asset injection of the JC land.
- Recent newsflow reaffirms our positive view on thecompany as the anticipated catalysts for share priceperformance are gradually materializing.
- Forecasts unchanged pending more details.
- Maintain Buy.
- Target price maintained at RM6.45 based on Gordon Growth (ROE of 13.7%and WACC of 10.5%.
Source: HLIB Research - 16 April 2012
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