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| Robinsons Land 'overweight'; target P15 -- JP Morgan |
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Xinhua Financial News Service
Last updated 10:22am (Manila time) 09/07/2006
JP MORGAN has initiated coverage of Robinsons Land Corp. with an "overweight" rating and a year-end price target of 15 pesos.
"Robinsons Land is among the fastest growing property companies and we believe (it) presents a cheaper alternative to access the promising growth in the Philippine property market," said Kelly Lim, an analyst at JP Morgan's Asia Pacific Equity Research.
Lim said Robinsons Land looks undervalued as it was currently trading at a steep 37 percent discount to net asset value compared to the sector average of 28 percent.
"We believe the stock can trade up to a 25 percent discount, which is the basis of our December 2006 price target of 15 pesos per share. Potential key risks are a slowdown in volume sales, a jump in construction costs, and a significant increase in interest rates," Lim said.
At 9:41 am, Robinsons Land was still untraded after closing flat at 13 pesos on Wednesday.
(One dollar = 50.36 pesos)
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