Tuesday, January 18, 2011

Bursa Malaysia: Tambun Target Price at RM0.85 by Jupiter

Company: Tambun Indah Land
Target Price: RM 0.95
Research House : Jupiter

KUALA LUMPUR: Tambun Indah Land Bhd made a firm debut on the Main Market of Bursa Malaysia on Tuesday, Jan 18, opening at 80 sen, which was 10 sen above its offer price of 70 sen.

At 9am, it was up 12 sen to 82 sen with 4.4 million shares done.

The FBM KLCI rose 1.43 points to 1,575.92. Turnover was 18.98 million shares done valued at RM10.4 million. Advancers led decliners 55 to 17.

Its IPO consisted of a public issue of 32 million new ordinary shares and an offer-for-sale of 22.1 million vendor shares at 70 sen each.

BIMB Securities Research derived a fair value of 81 per share after pegging a 30% discount to its peers' three-year average price-to-earnings ratio of 9.8 times to FY11 EPS of 11.8 sen.

Source: The Edge, 18 Jan 2011

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