LBS Bina Group (LBS MK, NOT RATED, FV RM1.74, Last Close RM0.72) After being badly hit by the last economic downturn, LBS has successfully moved up the value chain by shifting its focus onto medium- to high-end projects instead of low- to medium-cost projects. Based on our RNAV estimates, we arrive at a fully-diluted RNAV value of RM1.74 per share after taking into account the full conversion of the company’s warrants. With uncertainty and risks surrounding its planned project in Zhuhai, our valuation only takes into consideration its property development projects in Malaysia.
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