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Top Calls
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Company Update � MRCB (BUY, maintain)
- Riding on a significantly larger property GDV The completed acquisition of the 4 pieces of land from Nusa Gapurna as well as the recent award of the Kwasa Damansara Project MX-1 have boosted the group�s already bulging and very strong property GDV to RM19.5bn, placing it behind key property developers, SP Setia, Tropicana, Sunway, IJM Land and IOIPG, but ahead of UOA. In E&C, the group has yet to announce major new contract wins since October 2013 but outstanding order book of around RM1.1bn and internal building jobs to keep the E&C division busy until 2019. The group�s continued focus on niche high-rise mixed development and transport terminals should provide opportunities for further additions to its property investment portfolio. We expect property launches between now and 2017 to underpin group profits until 2019-20. We maintain our 2014-16 forecasts (EPS adjusted for enlarged issued capital of 1,760.1m shares), BUY call and target price of RM2.26, which now implies an 11% discount to our revised RNAV of RM2.54.
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Other Calls
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Debt Market Research
- Trading focus on benchmarks, slightly softer post FOMC, trading to stay choppy as US data is mixed
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