for RM618mil or RM15 per sq ft is fair, given its close vicinity to its Bandar Bukit Tinggi project.
The research house now expects the property developer to seek a three-year extension to exercise similar options with the plantation group for parcels of land in places like Kulai, Sepang, Sungai Kapar, Carey Island, Lothian, Byram, Negri Sembilan and Kedah to avoid pressuring its balance sheet unnecessarily in a rising interest-rate environment.
It expects SimeProp’s net gearing to increase to 0.36 times after the completion of the deal and estimates the developer to have a maximum internal net gearing target of 0.5 times.Maybank IB maintained its earnings forecasts and target price of 54 sen on SimeProp.
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