RHB Research has maintained 'buy' call on Dijaya Corp for the group's aggressive expansion plan for long-term growth.

"We raised our fair value to RM2.08 after factoring in the impact from the Canal City land and the proposed placement exercise," it said in a research note today.

Following the acquisition, Dijaya has three anchor projects now in three key property hotspots in Malaysia with the total landbank of 809.37 hectares and total gross development value of RM60 billion, the research house said.

"This size makes Dijaya comparable to some of the top market leaders in the property scene," it added.

Dijaya's 10 per cent placement exercise is also estimated to raise about RM140 million to RM160 million, the research firm said.

"The equity call is expected, considering the company's strategy to de-gear its balance sheet substantially and also need to fund land acquisitions," it added.-- Bernama