RHB Research downgrades IOI Property to Neutral

KUALA LUMPUR: RHB Research is downgrading IOI Properties Group to Neutral from Buy, despite being upbeat on the company’s proposed acquisition of a 37% stake in Taipei 101, saying the deal would take time to digest and adding that it had turned bearish on Malaysia’s property sector.

The target price has been revised down to RM2.63 from RM3.10, which still presents a premium of 24 sen for the stock which last closed trading at RM2.39.