Maintain BUY and SOP-based TP of MYR3.95. MPHB has proposed to demerge
its gaming and non-gaming businesses into two separate listed entities.
Although it will take more time to crystallise the value of MPHB's
non-gaming businesses under SPV Capital (versus an outright sale of the
non-gaming businesses, the "ideal" situation which will immediately
crystalise their values), we believe that this exercise still unlocks
value, justifying our BUY call.
Click here for full report
Source: Maybank Research - 24 May 2012
No comments:
Post a Comment