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Tuesday, March 26, 2013

Kenanga starts Dijaya with 'outperform'

Source: http://www.btimes.com.my/articles/20130326112121/Article/

Kenanga Research started property developer Dijaya Corporation Berhad with an 'outperform' call and a fair value of RM2.05 per share, citing a bright outlook on the back of the firm’s RM50 billion total gross development value (GDV).

Dijaya’s pipeline is also bigger than other local property developers Mah Sing Group, Sunway Bhd and IJM Land, while it holds prime landbanks around the country, Kenanga said in a note on Tuesday.

"The mismatch between their pipeline and GDV does indicate that Dijaya’s market value is far from its full potential, especially when it has an aggressive launch target," Kenanga said.

Kenanga is bullish on Dijaya’s position as the third-largest listed large-cap landbank owner in Iskandar, an economic zone three times the size of Singapore, because the region could be
"the next big engine growth for developers."

The research house expects Dijaya’s core earnings in its financial year of 2013 to nearly triple year-on-year to RM166 million.

Shares in Dijaya were unchanged at RM1.52 against the benchmark stock index’s 0.45 per cent gain.-- Reuters

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