If the Edge‟s speculation that PNB may entice SP Setia‟s CEO to stay with a 3-5 year put option is true, it would be a significant positive for the company and close to our best-case scenario. We upgrade the stock from Neutral to TRADING BUY. A positive outcome for PNB‟s offer could help re-rate the stock. Other potential catalysts are its final results which will be released in Dec, further landbanking and potential tie-ups with its parent company. We keep our target basis of 10% premium over RM4.30 RNAV.
No comments:
Post a Comment