KUALA LUMPUR: Public Investment Bank (PublicInvest) has increased DRB-HICOM Bhd’s target price by 16 per cent to RM2.54 after the latter proposed to dispose of non-industrial property assets and its entire hospitality portfolio totalling an estimated RM1.9 billion. This is despite the disposal price of the hotel and golf resort in Glenmarie as well as Rebak Island, Langkawi being below Public IB’s valuation. “The disposal is reasonable, although the disposal price is below what we have ascribed in our valuation at RM726 million,” the research firm said in a note. “Based on our estimate this disposal will increase our target price by 16 per cent to RM2.54. DRB-HICOM yesterday announced a disposal of several assets held by its subsidiary companies to Prisma Dimensi Sdn Bhd totalling to RM1.9 billion.

Source: New Strait Times March 09, 2018 01:18 UTC