Affin Hwang maintains buy on IOI Properties, up target to RM3

IOI Corp has the highest revenue exposure to Europe among the Malaysian planters

KUALA LUMPUR: Affin Hwang Capital Research has reiterated its “buy” call on IOI Properties Group Bhd with a higher target price of RM3, based on a 40% discount to revalued net asset value (RNAV).

The research house also recommended shareholders to subscribe for the 1-for-4 rights issue at the price of RM1.38 given the attractive 35% discount to the current share price (ex-date on Feb 28).