Ewein rises on RM1b Penang property project prospect

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KUALA LUMPUR (April 13): Ewein Bhd rose as much 1.5 sen or 2.5% to 61.5 sen following news the group was eyeing its second property project in Penang. The Edge Financial Daily (Edge FD) reported today the project at Bandar Tanjong Pinang would have a gross development value of RM1 billion.

At 11.38am, Ewein (fundamental: 1.1; valuation: 1.4) shares pared gains at 61 sen with 814,400 shares done. At 61 sen, Ewein has a market value of RM128.65 million.

Edge FD, quoting Ewein managing director Datuk Ewe Swee Kheng, reported that the group was eyeing another tract for development within Bandar Tanjong Pinang. Consortium Zenith BUCG Sdn Bhd is the owner of the land.

Ewe said Ewein had high hopes of being chosen to develop the 1.7ha (4.29 acres) land because of its current joint venture with Consortium Zenith BUCG.

Ewein in collaboration with Consortium Zenith BUCG is developing luxury serviced apartments on a 1.5ha (3.67 acre) freehold land in Bandar Tanjong Pinang.

The project is valued at RM800 million.

Bandar Tanjong Pinang entails 44ha (110 acres) of reclaimed land at Tanjung Pinang. The reclaimed land was given to Consortium Zenith BUCG by the Penang state government as compensation for the construction of the RM6.3 billion Penang Undersea Tunnel.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)