RHBInvest Research
Wednesday, May 4, 2011
Top Story: Selangor Properties
Visit Note
- Selangor Properties (SPB) has about 35 acres of prime land in Damansara Heights for development. Based on the compulsory acquisition price of RM538 psf for a strip of land in Semantan (to give way for the access road to the new palace) in mid 2010, SPB’s 35 acres of land is in deep value given an average book cost of only RM240 psf.
- The development on the land will benefit from the proposed MRT line that will have a station at Pusat Bandar Damansara as well as Semantan.
- Deep in value, but timing is key. We value SPB at RM5.34.
Corporate Highlights
TRC Synergy:
News Update
- To build submarine facilities worth RM45m for Royal Malaysian Navy
- This is the second key contract TRC has secured so far this year.
- Maintain Outperform. Fair value is RM1.94.
Sunway REIT:
3QFY11 Results
- Slightly hit by external disturbances
- There were some hiccups in the acquisition of Putra Place after the REIT announced its successful bid for the property in Apr. In view of potential earnings upside from Putra Place , we maintain our Market Perform call for now, with an unchanged fair value of RM1.05.
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