Affin Hwang Capital Research Highlights

IOI Corp - Property valuation boost

kltrader
Publish date: Wed, 15 May 2013, 09:44 AM
kltrader
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This blog publishes research highlights from Affin Hwang Capital Research.

IOI Corp; Buy
Price Target: RM6.20 (prev RM4.80); IOI MK


IOI is proposing a demerger and separate listing of IOI Property Group. Proposal includes distribution in specie of 67% of ListCo shares and non-renounceable restricted offer for sale (at 30% discount) of the remainder. Based on 20% discount to market value of appraised properties, IOI is now valued at RM6.20. Upgrade to BUY for 13% upside to RM6.20 TP.

Source: HwangDBS Research - 15 May 2013

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