Price Target (ECOWLD): Eco World Development - FY19 PATMI up 22.8%; gearing improved

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2 comment(s). Last comment by yeochingu 2019-12-16 01:20

yeochingu

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Posted by yeochingu > 2019-12-16 01:19 | Report Abuse

Property developer Eco World Development (ECW) has released its financial results for the financial year ended 31 October 2019 (FY19), beating Macquarie Equities Research (MQ Research) and consensus estimates. The share price has risen 18.6% over the week. MQ Research reiterates its Outperform rating on ECW, with a target price of RM1.10, vs ECW’s current share price of RM0.765.

yeochingu

1,907 posts

Posted by yeochingu > 2019-12-16 01:20 | Report Abuse

Maintain BUY with an unchanged TP of RM1.02. Our TP of RM1.02 premised on our RNAV discount of 55%. Valuation of ECOWLD remains attractive, trading at 48% discount to NTA per share of RM1.54 despite share price jumped by 23% in the past two days. Hence, we maintain our BUY recommendation on ECOWLD.

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