Thursday, December 22, 2011

Aeon's land buy positive for organic growth, says Maybank IB Research

Larger Smaller Reset KUALA LUMPUR (Dec 22): Aeon Co (M) Bhd's land acquisition in Kulai, Johor near the newly opened Johor Premium Outlet (JPO), is positive for its provides an organic growth to the group which already has a good reach in the Klang Valley, said Maybank IB Research.

'We maintain our forecasts and PER based RM7.90 target price (14x 2012) as earnings contribution will be beyond 2013.

'Aeon Co. is our top pick for consumer sector. Maintain Buy,' the research house said on Dec 22.

Aeon on Wednesday said it was acquiring two pieces of freehold land in Kulai for RM22.22 million as part of its strategy to expand its retail business.

The company entered into a sale and purchase agreement with Genting Property Sdn Bhd to acquire the freehold lands measuring a total 7.37ha for the purpose of operating a business of shopping centre with car parks and departmental stores cum supermarket.


No comments:

Post a Comment