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Tuesday, December 10, 2013

Traders Spectrum: Land & General (Huang DBS)

Trading Buy; RM0.41
Fair Value: RM0.65

Making a comeback
Earnings on strong upward trajectory underpinned by ~RM800m unbilled sales (4x FY13 property development revenue) and RM1.5bn launchpipeline in prime locations. Improved balance sheet with net cash matching market cap; potential to declare dividends in FY14. Attractive valuation (0.3x P/RNAV, 5x FY14F PE). Fair value of RM0.65 based on 50% discount to RNAV of RM1.30, implying 57% upside potential

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