KUALA LUMPUR: CIMB Equities Research has downgraded Eastern & Oriental (E&O) from Add to Hold as its share price has rallied more than 50% year-to-date (YTD).
The research house said on Wednesday the two key reasons for the outperformance are the long-awaited approval from the state government for the reclamation of the 760-acre Seri Tanjung Pinang Phase 2 (STP2) project and managing director Datuk Terry Tham’s surprise acquisition of a 9.9% stake in E&O at RM2.90 a share, a 22% premium over the closing price before the announcement.
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