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Tuesday, March 19, 2013

RHB starts Dijaya with 'buy' (BT)

RHB Research initiated coverage on Dijaya Corporation Bhd with a 'buy' rating and fair value of RM2 per share, believing the market has yet to price in the full prospects of the property developer.

"Financial year ending December 31, 2013 (FY13) will see quantum leap earnings growth backed by RM50 billion gross development value (GDV) in the portfolio," the research house said in a note on Tuesday.

"This will translate to massive price-to-earnings compression," it added.

RHB expected Dijaya’s FY13 earnings to jump 185 per cent to RM170 million, on the back of RM2.9 billion worth of launches this year, as well as RM951 million in unbilled sales.

Dijaya announced on Monday a proposed change of name to Tropicana Corporation Bhd.

As of 9.35am, the counter was down 0.65 per cent to RM1.52 per share, while the Kuala Lumpur property stocks index rose 0.07 per cent.-- Reuters

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