MAGNUM COP has proposed to issue up to RM800mil in aggregate value of commercial papers (CP) and medium-term notes (MTN) to finance its working capital and expansion plans. An analyst with a "buy" call on the stock said RAM Rating Services had assigned ratings of AA1 and P1 to the proposed MTN and CP, respectively. He said Magnum was currently trading at an undemanding price-earnings ratio of 11.5 times for the financial year ending Dec 31, 2008, versus the industry's average of 14 times.
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