The day to day announcement of cancellation of projects have spooked the market so much so that I feel there has been certain stocks being oversold quite a lot.

One of the example is MRCB which had just had a fund raising late last year. From that exercise, I think what the investing community has been thinking of MRCB is that it is about the HSR project alone.

To be fair, the fund raising is not purely for HSR but as per my article earlier, it is part of its reorganization exercise where it cures its balance sheet and at the same time refocus. MRCB has gone from owning many parcels of land that has lower GDV to larger projects where each GDV is much larger.

Key among them are the MX1 project which is the city center project on Kwasa Damansara, Bukit Jalil etc. Many of these projects are private projects which have been secured.

Through several exercises, MRCB had raised close to RM3 billion over the last 6 months and those would have improved its balance sheet, while having larger order books.

As a result, I have sold Tropicana which does not get impacted during the bloodbath and bought MRCB.