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OSK Research has initiated coverage on stocks of Glomac Bhd, arguing the property developer is cheap relative to rivals while earnings is expected to recover strongly.
Glomac also has a more solid balance sheet now and the property market sentiment is also fast improving.
The stock trades at around 0.7 times its price to book value, lower than 0.9 times for rivals like Sunrise and YNH Property.
"Armed with unbilled sales of RM549.7 million ... Glomac's near-term earnings growth prospects appear secure," it said in a report.
OSK have …