Lagenda Properties Berhad - Landbank replenishment
Thu, 23-May-2024 07:39 am
by Research Team • Apex Research

Counter

LAGENDA (7179)

Target Price (RM)

1.79

Recommendation

Hold

  • Acquiring three plots of land collectively measuring 855-ac in Kuala Muda, Kedah from Hock Lean Rubber Estate Sdn Bhd for RM149.0m. 
  • Potential strong take up rate in future launches, in evidence of the strong demand for affordable housing in the state of Kedah. 
  • We downgrade LAGENDA to a HOLD recommendation, based on 20% discount to RNAV as recent share price has reflected fundamentals.
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Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

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