KUALA LUMPUR: Shares of Landmarks'' Bhd climbed in morning trade on Friday, Dec 10 after CIMB Research said the property company was trading at a hefty discount of more than 70% to its estimated RNAV of RM4.81.
At 10.06am, Landmarks was up 14 sen to RM1.51 with 13.60 million shares done.
The FBM KLCI fell 1.37 points to 1,519.92. Turnover was 323.81 million shares valued at RM429.18 million shares. Losers led gainers 233 to 208 while 229 stocks were unchanged.
CIMB Research said Landmarks was trading at a hefty discount of more than 70% to its estimated RNAV of RM4.81. Investors are currently valuing the Bintan landbank at only slightly more than S$3.00 (RM7.20) psf.
'At 50% discount to its RNAV, the stock would be worth RM2.41. Landmarks has been a laggard this year, trading sideways since September 2009. YTD, the stock has eked out a mere 5% gain compared to 18.8% for the KLCI.
'We expect the stock to catch up soon. Furthermore, Landmarks' current share price is way below Genting's entry cost, which we estimate to be RM1.70-RM2 a share,' it said.
At 10.06am, Landmarks was up 14 sen to RM1.51 with 13.60 million shares done.
The FBM KLCI fell 1.37 points to 1,519.92. Turnover was 323.81 million shares valued at RM429.18 million shares. Losers led gainers 233 to 208 while 229 stocks were unchanged.
CIMB Research said Landmarks was trading at a hefty discount of more than 70% to its estimated RNAV of RM4.81. Investors are currently valuing the Bintan landbank at only slightly more than S$3.00 (RM7.20) psf.
'At 50% discount to its RNAV, the stock would be worth RM2.41. Landmarks has been a laggard this year, trading sideways since September 2009. YTD, the stock has eked out a mere 5% gain compared to 18.8% for the KLCI.
'We expect the stock to catch up soon. Furthermore, Landmarks' current share price is way below Genting's entry cost, which we estimate to be RM1.70-RM2 a share,' it said.
No comments:
Post a Comment