RHB Research has initiated coverage on Tambun Indah
Land Bhd with a "buy" rating and fair value of RM1.28 while recognising
the stock as its "top small cap pick".
In a note on Thursday, RHB Research said Tambun Indah had garnered
significant investor interest since its first issued non-rated note in
October last year.
"Tambun Indah's Pearl City township is just 15 minutes away from the Penang Second Bridge. This is a growing township as it is just 50 per cent developed, with a remaining land bank of 242.81ha," it added.
RHB Research said despite the 57 per cent share price appreciation since its first report in October last year, it believes the growth prospect of Tambun Indah's 242.81ha anchor landbank in Simpang Empat has yet to be fully priced in.
"The upcoming opening of the Penang Second Bridge will also provide significant economic impact in the Batu Kawan area and visibility on the mainland property market," it added.
The research house expects Tambun Indah to record an earnings growth
of at least 20 per cent per annum over the next two years, as sales at
Pearl City would accelerate to meet its forecast of RM450 million this
year, compared with the RM400 million achieved last year. Bernama
"Tambun Indah's Pearl City township is just 15 minutes away from the Penang Second Bridge. This is a growing township as it is just 50 per cent developed, with a remaining land bank of 242.81ha," it added.
RHB Research said despite the 57 per cent share price appreciation since its first report in October last year, it believes the growth prospect of Tambun Indah's 242.81ha anchor landbank in Simpang Empat has yet to be fully priced in.
"The upcoming opening of the Penang Second Bridge will also provide significant economic impact in the Batu Kawan area and visibility on the mainland property market," it added.
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