Aspen started at ‘Buy’ as a Penang transformation play

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SINGAPORE (Oct 20): RHB is initiating coverage on Aspen (Group) Holdings, the Penang-based property developer, at “buy” with a target price of 31 Singaporean cents, based on a 45% discount to a RNAV estimation of RM1.5 billion (S$480 million).

Compared to the typical discount of 20%-30%, RHB says its higher discount reflects the group’s smaller size, shorter track record, and concentration risks.

In a Friday report, analyst Vijay Natarajan highlights the group as an early mover in the emerging Batu Kawan market with its flagship Aspen Vision City (AVC) project, which is jointly developed with...(click on link for full story on