KUALA LUMPUR (Dec 10): CGS-CIMB Research has upgraded Media Chinese International Ltd (MCIL) to “Add” at 18 sen with a higher target price of 30 sen (from 16 sen) and said while MCIL’s core businesses continue to sag, its lucrative real estate and net cash together form 154% of its market cap.

In a note today, the research house said it is of the view that there is value emerging in MCIL, given that there is a mismatch between its asset value and stock price, now at an all-time low.

“Upgrade MCIL to Add as valuation looks attractive.

“It is trading at a 57% discount to CY21F P/BV, and 93% of its share price is backed by net cash,” it said.