KUALA LUMPUR (Jan 5): MIDF Research has started coverage on Eco World Development Group Bhd ( Valuation: 1.10, Fundamental: 0.85) with a “Buy”rating and target price of RM1.88.

In a note today, the research house said Eco World was a property developer with gross development value (GDV) of RM81.16 billion

The research house said FY15 sales higher compared to peers’ estimated sales.

“Superior earnings growth against peers.

“Undervalued as its current valuation is 1.26SD below mean Price-to-RNAV

“Buy with Target Price of RM1.88,” it said.

Shares of Heng Huat Resources Group Bhd ( Valuation: N/A, Fundamental: N/A) rose 5.88% at mid-morning amidst active trade on the company’s optimism on the prospects for biomass materials and value-added products.

At 10.39am, Heng Huat rose 3.5 sen to 63 sen with 11.2 million shares traded.

Hong Leong IB Research in a note today said Heng Huat was cautiously optimistic that the prospects for biomass materials and value-added products remain promising over the mid to long term horizon.

Moreover, the research house said the recent banning of new coal-fired plants in Beijing, Shanghai and Guangzhou of China is likely to spur demand for cleaner, alternative source of energy (such as Briquette).

“We see relief rally in near term amid bottoming up hourly indicators.

“A decisive breakout above 62 sen will spur prices towards 69 sen-73 sen levels (gap down on 30 Nov).

“Key supports are 55.5 sen-58 sen. Cut loss at 54.5 sen,” it said.

The Force Awakens

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