Unlikely for Penang monorail to be cancelled

KUALA LUMPUR: The monorail project for Penang is unlikely to be cancelled although delays are expected in the award of the contract, says Netresearch-Asia Sdn Bhd.

In its report, the research house said it still maintained its buy call on Malaysian Resources Corporation Bhd (MRCB) with an unchanged price target of RM2.40 per share, which is based on its sum-of-parts (SOP) valuation.