News by Surin Murugiah

MIDF Research has maintained its “buy” rating on Matrix Concepts Holdings Bhd at RM1.60 with an unchanged target price of RM1.86 and said it expects the developer’s 2QFY2024 earnings to be stronger on a yearly basis, due to a pick-up in construction progress at its project sites.

RHB Small Cap Asean Research has maintained its “buy” rating on AME Elite Consortium Bhd at RM1.55 with a higher target price of RM2 (from RM1.82) and said the recent transacted industrial land price of RM120-125 psf indicates that there is an attractive upside to AME Elite’s remaining gross development value (GDV) for its industrial projects in Iskandar Malaysia.

Construction Industry Development Board's (CIDB) subsidiary Construction Research Institute of Malaysia (Cream) has secured a RM1 million research grant from YTL Cement.

Malaysia came in at 41st place as overall the best country to work remotely, according to the Global Remote Work Index (GRWI).

RHB Investment Bank Research (RHB IB) has maintained its “overweight” stance on the real estate sector, and said UEM Sunrise Bhd and Sunway Bhd are key plays of the Johor theme.

Hong Leong Investment Bank (HLIB) Research has maintained its “buy” rating for IOI Properties Group Bhd (IOIPG) at RM1.67, with a higher target price (TP) of RM2.48 (from RM2.10).

Maybank Investment Bank Research (Maybank IB) has maintained its “buy” rating for Gamuda Bhd at RM4.31, with an unchanged target price (TP) of RM4.80, and said Gamuda’s core net profit (CNP) for the financial year ended July 31, 2023 (FY2023) was 104% of the house forecast (in line), and 110% of the consensus (above).

TA Securities Research has maintained its “buy” rating on Gamuda Bhd at RM4.31 with a higher target price of RM5.19 (from RM5.03) based on sum of parts valuation.

The research house said building materials (Cahya Mata Sarawak Bhd) and construction (Gamuda Bhd, IJM Corp Bhd, Sunway Construction Group Bhd, TRC Synergy Bhd and WCT Bhd) sectors should benefit from the multi-billion development expenditure after long delays caused by the political uncertainties between 2018 and 2022.

... citing its slower-than-expected recovery through the first half of the year.