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Top Calls
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Initiate Coverage -
Eastern & Oriental (BUY, TP: RM2.62)
- Ready to accelerate We initiate coverage on Eastern & Oriental (E&O) with a BUY call and RM2.62 target price, based on a 40% discount to RNAV. We expect E&O to appoint a reclamation contractor for its 760-acre Seri Tanjung Pinang Phase 2 (STP2) project this month, locking in the reclamation cost. E&O is negotiating to secure a partner to take an equity stake in this project and partially unlock the value of the STP2 land reclamation rights. Our blue-sky RNAV/share of RM6.76 values its net land area of 517 acres for STP2 at the current market price of RM500 psf and implies nearly a quadrupling of its market capitalization.
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Other Calls
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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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