$SURIA / 6521 (SURIA CAPITAL HOLDINGS BERHAD)
Research by MIDF
Sell – TP of MYR 1.60

“Kota Kinabalu Mixed Commercial Project JV Inked ”

Maintain SELL. No changes were made to our earnings estimates. The development plan for the JD 1 Project is contingent upon obtaining the necessary approvals and is anticipated to have a development period of 6 years. The stock trades at +1.5 SD above its 5-year historical mean, suggesting a profit-taking opportunity. The awaited tariff revision could serve as a catalyst, which has yet to be factored into our analysis.

Analyst(s):
MIDF Research Team
research@midf.com.my