KUALA LUMPUR: OSK Research said with MMC Corp's proposal to consolidate Johor Port and PTP's container operations now being deferred by the government, the listing of its port units will likely not materialise soon.
The research house it still believes there is still the possibility of it listing its Gas Malaysia and Malakoff units within the next two to three years.
It said on Monday, Aug 9 that there could be more leases on its Iskandar Malaysia land bank while the KL MRT could be awarded within the next 12 months.
'All these prompt us to maintain our Trading Buy call despite the lack of upside to our Sum of Parts (SOP) fair value,' it said.
With the resurgence in Zelan's share price recently, OSK Research add its value back into its SOP calculation and also tweak up Aliran Ihsan's effective share price to raise its fair value to RM2.61 from RM2.54 previously.
'Despite there being no upside to our fair value, we maintain our Trading Buy call based on: (1) Potential corporate exercises from the listing of Gas Malaysia; (2) Potential expansion of Tanjung Bin power plant; (3) Potential land revaluation of MMC's land bank in Iskandar Malaysia; and (4) Potential KL MRT contract. An indicative trading target incorporating Iskandar land and the KL MRT would be RM3.21,' it said.
The research house it still believes there is still the possibility of it listing its Gas Malaysia and Malakoff units within the next two to three years.
It said on Monday, Aug 9 that there could be more leases on its Iskandar Malaysia land bank while the KL MRT could be awarded within the next 12 months.
'All these prompt us to maintain our Trading Buy call despite the lack of upside to our Sum of Parts (SOP) fair value,' it said.
With the resurgence in Zelan's share price recently, OSK Research add its value back into its SOP calculation and also tweak up Aliran Ihsan's effective share price to raise its fair value to RM2.61 from RM2.54 previously.
'Despite there being no upside to our fair value, we maintain our Trading Buy call based on: (1) Potential corporate exercises from the listing of Gas Malaysia; (2) Potential expansion of Tanjung Bin power plant; (3) Potential land revaluation of MMC's land bank in Iskandar Malaysia; and (4) Potential KL MRT contract. An indicative trading target incorporating Iskandar land and the KL MRT would be RM3.21,' it said.
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