PETALING JAYA: Hong Leong Investment Bank (HLIB) has upgraded construction and property group Malaysian Resources Corporation Bhd (MRCB) to a “buy” from its previous “hold” call with a target price (TP) of 55 sen from 34 sen previously.
The two directly negotiated jobs in the pipeline for MRCB are the KL Sentral redevelopment and Shah Alam Stadium redevelopment projects valued above RM1 billion each. Hong Leong Investment Bank has upgraded construction and property group Malaysian Resources Corporation Bhd to a “buy” from its previous “hold” call with a target price of 55 sen from 34 sen previously.
In its research note today, HLIB said MRCB’s first half year core profit after tax and minority interest of RM19.3 million, an increase by 28.3% driven by lower effective tax rates, was within their consensus estimates.The group’s net profit fell 22.93% to RM10.87 million for the second quarter ended June 30 from RM14.1 million a year earlier while revenue dropped 14.43% to RM599.35 million from RM700.39 million.
The Bukit Jalil contract is a self-generated contract which could cost RM400-500 million, and is part of Bukit Jalil Sentral, a mixed development project measuring 76.14 acres with a potential gross domestic value of RM21 billion.
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