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MIDF Research raises Eastern &
Oriental (3417.KU) to Buy from Neutral with an unchanged target of MYR1.70 based
on a 20% discount against its realizable net asset value of MYR2.12;
the house
notes the recent pullback in share prices of property companies which made
Eastern & Oriental's share price attractive with projected total returns of
more than 15%. "At (Monday's) closing price of MYR1.42, investors would be
paying 38% lower than what Sime Darby (4197.KU) paid for its stake in E&O at
MYR2.30 per share," says MIDF.
It keeps its earnings forecast after the company
proposed to acquire a Princes House office building in London for GBP20.3
million; "we reckon acquiring Princes House would be a long-term strategic
investment. In the shorter term, the building will be let for office use," says
the house. The stock is up 0.7% at MYR1.43.
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