KUALA LUMPUR: Public Invest Research has revised Daiman Development’s fair value from RM7.22 to RM7.79 per share, underpinned by further deep underlying value in the company after re-rating the commercial land in Plentong, Johor.
It said on Tuesday it recently had a meeting with Daiman Development’s management in Johor Bahru and came away with more positive prospects of the company after seeing the upcoming developments.
“We are convinced that the developments will spark renewed interest in the company and would also become one of the key earnings drivers for the group’s future earnings,” it said.
Public Invest Research said the upcoming joint venture development in Plentong as well as the opening of “DoubleTree by Hilton” hotel next month in Johor Bahru will see exciting recurring income coming on stream soon.
“Meanwhile, we also see further deep underlying value in the company after re-rating the commercial land in Plentong from RM70 psf to RM140 psf as we decide to benchmark against the transacted price used when they disposed the 50% stake in the 12.3-acre land to its JV partners,” it said.
Source: The Star Online
