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Wednesday, March 27, 2013

TRC Synergy said to be good proxy (BT)

KUALA LUMPUR: TRC Synergy Bhd is a good proxy to the Klang Valley mass rapid transit project, a local brokerage firm said.

TRC has a strong balance sheet and will outperform expectations, Public Investment Bank said in a report yesterday.

The research firm maintained its RM800 million gross development value (GDV) forecast of TRC's proposed joint venture mixed development at the Kelana Jaya Line extension project.

TRC is partnering Syarikat Prasarana Negara Bhd in the project. TRC's own modest GDV of the project, at RM688 million, is lower than what Public Investment had estimated. But the latter is confident of its GDV projection as "TRC is a good proxy to the Klang Valley MRT project".

Public Investment estimates an average selling price of RM600 per square foot for the project on land surrounding Station 2 of the Kelana Jaya line extension. The project is expected to be launched in the second half of this year.

TRC shares closed two sen higher to 56 sen yesterday, with 384,400 units traded.

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