KUALA LUMPUR (Oct 5): Hong Leong Investment Bank (HLIB) Research has maintained its “buy” rating for IOI Properties Group Bhd (IOIPG) at RM1.67, with a higher target price (TP) of RM2.48 (from RM2.10).
It said the group is on track to achieve new heights from: i) its record-high launch target among local developers in recent years with a launch target of RM10.6 billion for the financial year ending June 30, 2024; and ii) the largest property investment portfolio soon among local listed companies upon the completion of IOI Central Boulevard by end-2023.
In a note on Thursday, the research house said IOIPG had in recent years embarked on vastly expanding its property investments and hotel assets.
It said these assets will provide the group with a stable and recurring cash flow, which will allow it to expand at a faster pace.
“We maintain our ‘buy’ call, with a higher TP of RM2.48 (from RM2.10), based on a lower discount of 50% (from 55%) to our estimated RNAV (revalued net asset value) of RM4.96,” it said.
Looking to buy a home? Sign up for EdgeProp START and get exclusive rewards and vouchers for ANY home purchase in Malaysia (primary or subsale)!
Source: EdgeProp.my
POST YOUR COMMENTS