KUALA LUMPUR: CIMB Equities Research has initiated coverage on Eco World International (EWI) with a “hold” call and target price of RM1.23, based on parity to its realised net asset value (RNAV).
It said yesterday while many big Malaysia listed developers trade at 20%-40% discounts to their RNAVs, it believed EWI deserved to trade at parity as EWI’s existing projects had a shorter development period compared with those of Malaysian developers.
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