IGB Corp: Lack of new launches a disappointment

We have downgraded IGB Corp Bhd (IGB) from BUY to HOLD and cut our fair value to RM2.20/share from RM2.80/share based on a 45% (previously 30%) discount to our NAV estimate at RM4.00/share. Historically, IGB has traded at 50% discount to its NAV.

S P Setia: Venturing “Down Under”

The Buzz

G’day mate

S P Setia: Buying land in Melbourne Australia

LONDON: British mortgage approvals fell to their lowest level in nine months in February, Bank of England figures showed on March 29, in another sign that the recovery in the housing market is stalling.

KUALA LUMPUR: The board of Ho Hup Construction Company Bhd will meet with Malton Bhd on Tuesday, March 30, to discuss the proposed joint-development agreement (JDA) between its subsidiaries.

KUALA LUMPUR: The initial tender of foreclosed properties under Pengurusan Danaharta Nasional Bhd this year will see an indicative value of some RM235 million worth of real estate up for grabs.

KUALA LUMPUR: The Malaysian government and the Employees Provident Fund (EPF) will be forming a joint-venture to promote the development of 3,000 acres of land in Sungei Buloh into a new hub for the Klang Valley.

Several parcels of land in Jalan Stonor, Jalan Ampang, Jalan Lidcol, all in Kuala Lumpur have also been identified to be tendered out for development by the private sector.

KUALA TERENGGANU: A Bangladeshi labourer died while four of his countrymen were injured, one seriously, when the steel scaffolding of Universiti Malaysia Terengganu's (UMT) Oceanography and Aquaculture Institute building collapsed this afternoon (March 29).

KUALA LUMPUR: S P Setia Bhd is launching a new branding campaign in partnerhip with Malaysia's community airlines Firefly on Wednesday March 31.

The one-year campaign will feature the property developer’s logo branded on the exterior and interior of the fleet of seven Firefly aircraft currently in service.