SINGAPORE (Oct 28): Guocoland’s participation in Eco World Development Group’s planned IPO of Eco World International (EWI) has CIMB maintaining its “add” call with a target price of $2.59.
In a Thursday note, lead analyst Lock Mun Yee notes that the shareholders’ agreement would expand Guocoland’s geographic footprint into Australia and UK, where EWI has developments in.
EWI currently has 75% stakes in three ongoing developments in London and wholly owns a development in West Sydney, Australia, which has a combined development value of $4.1 billion. As of 16 Oct, EWI has about $1.7 billion worth of sales from these projects.
For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
