AmResearch is maintaining its Sell call on MMC Corporation (MMC) with an unchanged fair value of RM1 per share, pegged to a FY09F's price-to-earnings (PE) of 5.0 times.
“We remain negative on the stock given concerns over corporate governance risks following the continuation of the group's proposed acquisition of the Senai Airport Terminal and 2,719 acre land in Johor and the group's high net gearing of 2.7 times against the backdrop of a potential liquidity crunch,” it said.
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