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Company Update - Tropicana
(BUY,maintain)
-Disposal of 251 acres of land in Johor We are positive on Tropicana�s announcement to dispose 251.6 acres of freehold land in Gelang Patah, as this will reduce its exposure in Johor, as well as lock in a net gain. Tropicana maintains its property sales target of RM1.5bn on the back of RM1.8bn of planned new launches. Maintain BUY but with a lower target price of RM1.73, still based on a 50% discount to RNAV.
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| For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports. |
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