MMC Corp: A bank-backed stockbroking firm believes the counter has been oversold due to negative sentiments on the windfall tax slapped on independent power producers (IPPs). It is maintaining a "buy" call on MMC, which controls the country's largest IPP, Malakoff Bhd, as it is positive on the group's prospects. This is given the strong recurring earnings profile and more news flow of potentially huge projects, including the recent deal to develop a power plant in the United Arab Emirates.
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