Affin Research maintains Trading Buy on Benalec

KUALA LUMPUR: Affin Research has maintained its Trading Buy call on Benalec with a target price of RM1.98 due to the positive outcome to the signing for its land reclaimation works for the Tanjung Piai and Pengerang in Johor.

In a note on Monday, the research house said the board of Benalec believes its Global Settlement is in the best interest of the company as it will benefit financially from the rescission of the above land sales, which were at RM28 psf compared to recent selling prices of RM40 psf.