AmResearch: Federal approval for E&O reclamation very significant
April 14, 2014

KUALA LUMPUR: AmResearch views the Department of Environment conditional approval for Eastern & Oriental's subsidiary to undertake the reclamation of Phase 2 of Seri Tanjung Pinang (STP2) at Tanjung Tokong, Penang as a "very significant one".

It said on Monday that E&O might soon proceed to call for tender proposals for the reclamation of the 760 acres at STP2 once it receives formal approvals from the Penang state government.

"The latter had already granted E&O conditional approval for STP2 in April 2011. Formal submission to the state government would soon be in motion," it said.

Earlier Monday, E&O said its subsidiary Tanjung Pinang Development Sdn Bhd (TPD) had received the conditional approval for the detailed environment impact assessment study and conceptual masterplan for the Phase 2.

AmResearch is maintaining its Buy rating on E&O and raised its fair value from RM3 a share to RM3.90 a share -- based on a 15% discount (previously 35%) to its unchanged net asset value of RM4.61 a share.

"We have assigned a significantly lower discount to our NAV as regulatory risks dissipate with the approval from the DoE, Ministry of Natural Resources and Environment for the Detailed Environmental Impact Assessment (DEIA) study and conceptual masterplan for STP2," it said.

AmResearch: Federal approval for E&O reclamation very significant April 14, 2014

KUALA LUMPUR: AmResearch views the Department of Environment conditional approval for Eastern & Oriental's subsidiary to undertake the reclamation of Phase 2 of Seri Tanjung Pinang (STP2) at Tanjung Tokong, Penang as a "very significant one".

It said on Monday that E&O might soon proceed to call for tender proposals for the reclamation of the 760 acres at STP2 once it receives formal approvals from the Penang state government.

"The latter had already granted E&O conditional approval for STP2 in April 2011. Formal submission to the state government would soon be in motion," it said.

Earlier Monday, E&O said its subsidiary Tanjung Pinang Development Sdn Bhd (TPD) had received the conditional approval for the detailed environment impact assessment study and conceptual masterplan for the Phase 2.

AmResearch is maintaining its Buy rating on E&O and raised its fair value from RM3 a share to RM3.90 a share -- based on a 15% discount (previously 35%) to its unchanged net asset value of RM4.61 a share.

"We have assigned a significantly lower discount to our NAV as regulatory risks dissipate with the approval from the DoE, Ministry of Natural Resources and Environment for the Detailed Environmental Impact Assessment (DEIA) study and conceptual masterplan for STP2," it said.

now pass RM1 patient more to come, wait Pengerang Integrated Petroleum to start then will reap double fold.......

CIMB Research also lowered its target price for Benalec from RM1.68 to RM1.25. The termination of two directors was a negative surprise and investors could turn cautious about management's credibility, now all brothers disputes been solved, buy call.................