not vested
AmResearch maintains Buy on IJM Land
PETALING JAYA: AmResearch is maintaining a Buy call on IJM Land with an unchanged fair value of RM3.90 per share, a 10% discount to the its net asset value per share.
The research house said IJM Land’s exposure to the property sector, backed by RM3bil’s worth of new launches for the financial year ending March 31, 2015.
“The stock’s sentiment has been further lifted by recent reports of fresh privatisation manoeuvres,” it added.
IJM Land’s upcoming projects include the 23.5ha leasehold Pantai Sentral Park located in Bukit Kerinchi, a joint venture between the company and Amona Development with a gross development value of RM2.5bil to be realised over 10 to 15 years.
The company’s launch of the third phase of Bandar Rimbayu was met with “overwhelming responses” with 40% of the first block of cluster semi-detached homes having been taken up.
Source: The Star