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Bolton is a "buy" with a price target of RM1.50 a share, says OSK Research, noting that Bolton has completed the acquisition of 23 acres in Ukay Perdana for RM72 million, slightly ahead of schedule.The land comes with a ready development order and substantial earthworks done which should allow for speedy launch in 2Q11.
The project consist of 98 units of gated & guarded zero-lot bungalows with a gross development value of RM220 million.
"We raise our FY12-13F earnings by 3-18 per cent to RM53 million and RM92 million respectively to factor in the project," says OSK Research.
By Business Times
