- Unlocking value. Borsig's indicative listing valuations of MYR1.8-1.9b or 10-12x FY13 PER are fair in our view, pricing Borsig at 6-12% above KNM's acquisition cost. The move will unlock value at Borsig; listing proceeds will be used to fund KNM's Peterborough renewable energy venture.
- While this is positive, sentiment on the stock is still weak due to legacy issues. The successful execution of Peterborough would be a major catalyst. Maintain HOLD and MYR0.88 TP (8x FY13 EPS).
Source: Maybank Research - 7 Sept 2012
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