Friday 24 August 2012

Malaysian Building Society Making continued progress

OUTPERFORM
Target Price: RM2.70

Malaysian Building Society Berhad (MBSB) is continuing the process of restructuring its legacy NPLs with its latest announcement on the proposed disposal of a plot of commercial land together with an abandoned shopping mall in Johor Bharu for a cash consideration of RM180m. We view the continuous restructuring effort as a positive boost for the stock. We are reiterating our OUTPERFORM rating on MBSB with an unchanged target price RM2.70.

Source: Kenanga

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