KUALA LUMPUR: Shares of Sunway Bhd, the enlarged entity comprising of Sunway City and Sunway Holding, emerged as the top loser in afternoon trade on its trading debut on Tuesday, Aug 23.
At 2.32pm, it was down 34 sen to RM2.46 with 7.74 million shares done. The listing price was RM2.80.
However,'' its warrants surged 30 sen to 30.5 sen with 1.14 million units done.
The FBM KLCI rose 4.17 points to 1,476.33. Turnover was 384.75 million shares done valued at RM752.62 million. There were 245 gainers, 342 losers and 270 stocks unchanged.
OSK Research initiated coverage on Sunway with a BUY call at fair value of RM3.31.
It said at the listing price of RM2.80, it would be the third largest property companies in term of market capitalisartion at RM3.6 billion.
'With RM7 billion worth of assets and shareholder funds of RM2.6 billion, Sunway will definitely have a stronger balance sheet compared with those of the individual entities prior to the merger,' it said.
OSK Research said it liked Sunway's diversified exposure across the real estate sector ranging from property development to REITs coupled with strong CONSTRUCTION [] division with outstanding orderbook of RM2.5 billion.
'At RM2.80, Sunway will be trading at 1.27 times price-to-book value (P/BV) and 10.8 times forward price-to-earnings ratio (PER). It is not the cheapest''but it is at a discount to the sector average P/BV and PER valuation,' it said.
At 2.32pm, it was down 34 sen to RM2.46 with 7.74 million shares done. The listing price was RM2.80.
However,'' its warrants surged 30 sen to 30.5 sen with 1.14 million units done.
The FBM KLCI rose 4.17 points to 1,476.33. Turnover was 384.75 million shares done valued at RM752.62 million. There were 245 gainers, 342 losers and 270 stocks unchanged.
OSK Research initiated coverage on Sunway with a BUY call at fair value of RM3.31.
It said at the listing price of RM2.80, it would be the third largest property companies in term of market capitalisartion at RM3.6 billion.
'With RM7 billion worth of assets and shareholder funds of RM2.6 billion, Sunway will definitely have a stronger balance sheet compared with those of the individual entities prior to the merger,' it said.
OSK Research said it liked Sunway's diversified exposure across the real estate sector ranging from property development to REITs coupled with strong CONSTRUCTION [] division with outstanding orderbook of RM2.5 billion.
'At RM2.80, Sunway will be trading at 1.27 times price-to-book value (P/BV) and 10.8 times forward price-to-earnings ratio (PER). It is not the cheapest''but it is at a discount to the sector average P/BV and PER valuation,' it said.
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