STOCK FOCUS OF THE DAY
Prestariang : Sourcing expertise for EduCloud Buy
We reiterate BUY on Prestariang with unchanged forecast and fair value of RM2.08/share based on SOP. Prestariang is currently trading at a FY18F PE of 12x, which represents a steep discount to its peer average of 18x.
Prestariang has entered into a subscription agreement with OpenLearning Global (OGPL) and its founder/CEO Adam Maurice Brimo for the subscription (in tranches) of up to 5 million new A shares of OGPL and approximately 3 million convertible preference shares, at a total consideration of A$5mil (~RM17mil) to be funded by internally generated funds. Subsequent to the subscription, Prestariang will own approximately 16.7% interest in OGPL.
Others :
Strategy : Malaysia: 2Q 2017 Results Round-up – A Disappointing Quarter
Banking Sector : A pickup in loan demand Overweight
STOCK ON RADAR
Southern Steel, Lion Industries Corporation, AirAsia, Scientex
ECONOMIC HIGHLIGHT
Australia : RBA stuck with its policy rate
NEWS HIGHLIGHTS
Remittance : Bank Negara to make it easier for money transfer
Retail Industry : ‘Full-year retail sales growth forecast lowered’
TRC Synergy : TRC unit bags RM760.6m LRT3-related job
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