News by Surin Murugiah

Property developer Ibraco Bhd has secured a contract worth RM529.83 million to build the Sarawak Second Trunk Road.

Bina Puri Holdings Bhd’s joint venture company has secured a sub-contract worth RM72.85 million under a Public Works Department project in Mukah.

Penang-based Ideal Property Group has inked a memorandum of understanding with lithium battery separator industry player ShenZhen Senior Technology Material Co Ltd to develop Penang Technology Park (PTP)@ Bertam.

RHB Investment Bank research has maintained its “overweight” rating on the property sector and said it remains upbeat on the sector, given positive news flow that could lift market sentiment, including the revival of major infrastructure projects, a potential review of the Malaysia My Second Home (MM2H) programme, other potential catalytic developments, as well as a stable interest rate outlook.

The company said Scientex Lestari proposes to develop the land into a mixed-development property, consisting of approximately 7,000 affordable houses.

RHB Investment Bank research has maintained its “neutral” rating on UOA Development Bhd (UOAD) at RM1.58 with a lower target price (TP) of RM1.71 (from RM1.86) and said the developer’s launches are going as planned and UOA Development’s new F&B business should complement its property projects.

Rakuten Trade has rated SkyWorld Development Bhd a “buy” at 80 sen with a target price (TP) of 96 sen based on the average PER of 8x and P/BV 0.8x.

Hong Leong Investment Bank (HLIB) Research has maintained its “Neutral” rating on the construction sector and said it prefers to take a longer term view. In a sector update on Monday (July 3), the research house said domestic re-rating catalysts are well anticipated by the market.

Kuala Lumpur jumped 19 positions to rank 94th on the Economist Intelligence Unit’s (EIU) Global Liveability Index 2023.

The research said it projects Hektar’s earnings to grow by 9.5% for FY2023F, 8.2% for FY2024F and 3.5% for FY2025F.