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Glomac Bhd: Hold, target price RM1.40.
AMRESEARCH has kept its "hold" rating on property developer Glomac Bhd, with a revised fair value of RM1.40 per share. The rating was maintained as it thinks the stock offers little upside despite a bullish outlook in the property sector.
The fair value is arrived at after applying a discount of 20 per cent to its revised estimated net asset value of RM1.74 per share.
"While demand for residential units should pick up from an expected growth in income and robust buying sentiment, we are neutral on Glomac's planned residential launches for fiscal 2010, which accounts for 36 per cent of planned gross development value this year," the stockbroker said in a March 23 …
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