Wednesday, October 5, 2011

CIMB Research has Buy on Sunway

KUALA LUMPUR: CIMB Equities Research has initiated coverage on Sunway Bhd with a Buy, pegging its target price to a 20% discount to its RNAV.

The research house said on Wednesday, Oct 5 the merged Sunway group offers value, not just because of its share price decline but also the potential synergies from more in-house CONSTRUCTION [] of its property projects.

'We also like the growth prospects for its construction division, which could clinch more ETP/10MP jobs. Sunway offers exposure to Malaysia's rising construction activities. It is also an

integrated property group that enjoys recurring income from property investments and REITs,' it said.

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