<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Nov 22): Hong Leong IB Research has upgraded Malaysian Resources Corporation Bhd (MRCB) to “Buy” at 97 sen with a higher target price of RM1.18 (from RM1) and said MRCB’s 9M core earnings of RM56 million (+62% y-o-y) were above house expectations but below consensus.</p></div>

<div class=newsTextDataWrapInner><p>In a note today, it said MRCB’s property sales for 9M were strong at RM1.2 billion, a stark improvement from RM192 million for the entire FY16.</p></div>

<div class=newsTextDataWrapInner><p>It said construction year-to-date job wins were at RM468 million, bringing orderbook to RM5.3 billion (5.8x cover).</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“3Q net gearing stood at 114% but this should reduce to 36% in 4Q following the completion of the rights issue.</p></div>

<div class=newsTextDataWrapInner><p>“Disposal of EDL, Menara Celcom and Ascott could potentially transform balance sheet to net cash.</p></div>

<div class=newsTextDataWrapInner><p>“Raise FY17-19 earnings by 21%, 13% and 11% after factoring better construction margin and property sales.</p></div>

<div class=newsTextDataWrapInner><p>“Upgrade to BUY, SOP based TP raised from RM1.00 to RM1.18. EDL disposal to provide near term catalyst,” it said.</p></div>

<div class=newsTextDataWrapInner><p>&nbsp;</p></div>


KUALA LUMPUR (Nov 22): Hong Leong IB Research has upgraded Malaysian Resources Corporation Bhd (MRCB) to “Buy” at 97 sen with a higher target price of RM1.18 (from RM1) and said MRCB’s 9M core earnings of RM56 million (+62% y-o-y) were above house expectations but below consensus.

In a ...

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