Top Story : Fajarbaru – Greenfield hotel project in Melaka a safe bet Outperform
Visit Note
- The greenfield hotel project in Melaka appears to be a safe bet given that its rooms will be sold to tour operators on a wholesale and long-term basis, and that the development also includes retail shops for sale.
- While the flow of small-scale public jobs has improved in recent months, Fajarbaru will rather stay conservative as far as job wins are concerned due to severe price undercutting, coupled with, we believe, the “lobbying” element that is making a quiet comeback to the market as a force to be reckoned with.
- Maintain Outperform, fair value is RM1.39.
RHB Equity 360° - 14 July 2010 (Fajarbaru, Affin; Technical: Scomi Marine)
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