Today RHB Investment Bank property analyst issued two reports :-
(a) "Penang's Property Market is Set to Buzz"; and
(b) "Global Oriental Bhd - An Alternative Penang Mainland Play"
In the first report, the analyst having recently visited Penang, stated that Penang is set to become a Business Process Outsourcing hub. The Batu Kawan Area is in for more excitement. Tambun Indah is the main beneficiary, while GOB and Malton are the key alternative plays.
In the second report, the main theme is that GOB is deeply undervalued from Revised Net Asset Value ("RNAV") point of view.
According to the report, market value for land parcels in Batu Kawan has reached RM45 to 55 per sq ft, or RM1.96 mil to RM2.40 mil per acre.
Since GOB has 350 acres landbank at Batu Kawan, the value of those landbank even based on RM45 per sq ft, would be worth RM686 mil, almost three times the existing market cap of GOB of RM234 mil.
According to RHB's calculation, GOB's RNAV per share should be approximately RM2.87.
The analyst ascribes a 40% discount to its RNAV and arrive at fair value of RM1.72 for GOB (before rights issue).
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