KUALA LUMPUR: Affin Research has maintained its Buy call on Tropicana with a target price of RM1.83 based on a 50% discount to its Revalued Net Asset Value.
"We expect a strong take-up for its landed offerings. We expect the sale of Canal City land by end-14 to keep net gearing below 0.6 times," it said.
It added that Tropicana has signed sales and purchase agreements to dispose of three plots of land worth RM951mil.
"We expect the sale of Canal City land to be completed by end-2014 while the sales of Bukit Bintang and Kota Kinabalu lands are expected to be completed by mid-2015," it said.
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