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News Room

25 Apr 2013

RHB starts Tambun Indah with 'buy'

Business Times

RHB Research started Penang-based property developer Tambun Indah Land Bhd with a 'buy' call and a fair value of RM1.28 per share, calling it the "top pick" among small caps based on a bright growth outlook.

Tambun Indah’s value is underpinned by its strategic anchor landbank, capable management, solid balance sheet and attractive dividend yield, RHB said in a note on Thursday.

"Although the share price has appreciated by 57 per cent, its value will continue to be realised particularly upon the opening of the Penang Second Bridge in September this year," the research house said.

RHB in the note said it estimates "an earnings growth of 23 per cent and 25 per cent for FY13-14."

"Compared to our RM450 million sales forecast for this year, Tambun Indah has already achieved RM176.8 million in the first quarter," RHB added.

Shares of Tambun Indah were up 1.59 per cent while the benchmark index dropped 0.33 per cent.-- Reuters