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COULD construction and property player Protasco Bhd be a stock worth watching now that its boardroom tussle and one-off impairments have come to a close?
While declining earnings and a lagging share price have been holding Protasco Bhd back, the construction outfit does seem to have a brighter outlook.
KUALA LUMPUR: RHB Research has maintained its Buy call on Protasco with a fair value of RM1.80 based on sum-of-parts valuation, valuing its IUKL land at market price, road maintenance concessions by DCF, and construction and other businesses at 10 times FY14 earnings.
KUALA LUMPUR: RHB Research has initiated coverage on Protasco with a Buy call and a fair value of RM1.80, driven by improved property and construction profits.