Wednesday, October 21, 2009

DJ MARKET TALK: CIMB Keeps Trading Buy On E&O; Targets MYR1.89

[Dow Jones] STOCK CALL: CIMB keeps Trading Buy on Eastern & Oriental (3417.KU) with unchanged target price of MYR1.89 based on unchanged 30% discount fully diluted RNAV of MYR2.71. "E&O remains our top pick in the property sector for its deep value and high beta," says Head of Research Terence Wong. Adds, potential rerating catalysts include greater awareness of E&O's turnaround, positive newsflow from launch of more than MYR4.0 billion worth of properties over next 2-4 years, good earnings momentum, which should lead to return to profitability in FY10, newsflow from potential JV that will help to unlock the hidden value of the group. Shares down 0.8% at MYR1.30


Dow Jones Newswires

October 20, 2009 23:07 ET (03:07 GMT)

Copyright (c) 2009 Dow Jones & Company, Inc.

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