Monday, September 5, 2011

BRDB up at mid-morning

KUALA LUMPUR: Shares of BANDAR RAYA DEVELOPMENTS BHD [] advanced on Monday, Sept 5 after The Edge weekly reported that the company was looking to pay a bumper dividend to its shareholders in a complex corporate exercise that could involve the disposal of Bangsar Shopping Centre (BSC).

At 10.17am, BRDB added three sen to RM2.36 with 236,400 shares traded.

OSK Research in a note Sept 5 said it was not was not entirely surprised with regard to the potential disposal of BSC given that management had previously indicated that it was weighing the possibility of unlocking the value of its investment PROPERTIES [].

The research house maintained its Buy rating on the stock with fair value of RM3.06 based on 0.9 times P/NTA.

'With several projects expected to be launched by the end of this year and the next, we expect BRDB's earnings outlook to turn rosier going forward,' it said.

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