More positive. We came away from a recent meeting with IGB (RM0.79) feeling even more positive, prompting us to upgrade 2003 forecast by slightly more than 5%. Indeed, the property development, hotel and retail divisions are all going well.
Before that, IGB had reported a commendable set of results, after the merger of its property-related businesses with Tan & Tan in mid-2002. Even on enlarged share capital post-merger, 2002 earnings per share (EPS) still grew 39% from 2001. The good showing met our expectations (after several earnings upgrades), and was driven by improvement across-the-board. Most notably, the Mid Valley Megamall has turned profitable at the pre-tax level.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
