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Wednesday, June 25, 2014

Naim Holdings surges as CIMB Research sees more upside


KUALA LUMPUR:  Naim Holdings’ share price surged to a high of RM4.27 early Tuesday as investor interest perked up after CIMB Equities Research viewed its potential target price is RM5.50.
At 9.55am, it was trading at RM4.22, up 21 sen. There were 547,600 shares done at prices ranging from RM4.06 to RM4.27.
The FBM KLCI fell 1.22 points to 1,822.74. Turnover was 368.73 million shares valued at RM209.83mil. There were 204  gainers, 239 losers and 303 counters unchanged.
It said the mid-cap property and construction player’s potential catalysts were the company realising further value in its Dayang Enterprise Holdings stake and its attractive realised net asset value (RNAV) discount to its share price.
To recap, CIMB Research said it has been a year since Naim Holdings announced its plan to divest part of its stake in Dayang. In 1Q14, the company sold a small 2.7% stake in Dayang.
It said the company fully redeemed its Islamic bonds recently, giving it greater flexibility to unlock more value in Dayang. 

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