Company Update � Eastern & Oriental
(BUY, maintain)
- Shareholding change
Executive Deputy Chairman Dato� Seri Tham Ka Hon has bought back an additional 10% stake
in E&O at a 46% premium to the market price to regain a controlling
stake. This shows his commitment to lead the company on a stronger trajectory
going forward. Market conditions remain challenging for E&O�s mostly high-end property projects, but securing a
partner for its Seri Tanjung Pinang Phase 2A (STP2A) project will likely
unlock the land value. Long-term BUY with lower target price of RM1.98, based
on a 50% discount to RNAV.
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