KUALA LUMPUR (Jan 13): MALAYSIAN RESOURCES CORP []oration Bhd shares advanced in early trade on Friday after MIDF Research upgraded the stock to a Buy from Neutral with a higher target price of RM2.41 from RM1.94 previously.
At 9.15am, MRCB gained two sen to RM2.05 with 34,000 shares done.
The research house said in a note Jan 13 that the upgrade was largely due to the adjustment of its sum-of-parts valuation after assigning a higher forward PE multiples of 14x (in line with its FY12 KLCI target PER) for MRCB’s CONSTRUCTION [] segment.
“MRCB is one of our top picks in construction sector given its higher possibility of winning ETP project (i.e. RM1 billion beautification works of River of Life), as well as the continuous improvement of its property segment’s financial performance,” said MIDF Research.
At 9.15am, MRCB gained two sen to RM2.05 with 34,000 shares done.
The research house said in a note Jan 13 that the upgrade was largely due to the adjustment of its sum-of-parts valuation after assigning a higher forward PE multiples of 14x (in line with its FY12 KLCI target PER) for MRCB’s CONSTRUCTION [] segment.
“MRCB is one of our top picks in construction sector given its higher possibility of winning ETP project (i.e. RM1 billion beautification works of River of Life), as well as the continuous improvement of its property segment’s financial performance,” said MIDF Research.
