not vested
Hatten Land started at ‘overweight’ by NRA Capital
By Jude Chan
SINGAPORE (Feb 28): NRA Capital has initiated coverage on property developer Hatten Land, with an “overweight” rating and a fair value estimate of 44 cents.
Hatten Land shares opened at 29.5 cents on the Catalist board when it made its debut on Tuesday before closing at 28 cents.
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“The key selling point of Hatten Land is its portfolio of choice sites in [b]Malacca. Most of its sites face the sea, overlooking Pulau Melaka and the Straits of Malacca,” says NRA analyst Liu Jinshu in a Tuesday report.
With Pulau Melaka slated to be transformed into a tourism and entertainment hub on the back of a RM42 billion ($13.3 billion) Melaka Gateway project, Hatten Land’s projects offer significant upside and hence marketability, Liu says.
Liu opines that Hatten Land’s strong pipeline of projects offers high growth prospects.
The analyst forecasts that its profits after taxes will surge from RM68.6 million in FY16 to more than RM100 million in FY18 and RM300 million in FY19.
“We like the company for its visible pipeline of value-accretive projects,” Liu says. “Potential catalysts include any future partnerships with high profile funds or institutions and the completion of on-going acquisitions.”
Source: The Edge
http://www.theedgemarkets.com.sg/smr/?q ... ra-capital