Friday 29 Mar 2024
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KUALA LUMPUT (Nov 17): Country View Bhd rose six sen or 2.2% to its intraday high at RM2.78 after Insider Asia said shares of the property developer were undervalued.

At about 3.10pm, the stock saw thin trade of 2,700 shares changed hands.

"The stock is trading at a trailing 12-month P/E ratio (price-earnings ratio) of just 3.4 times, although future earnings will depend on the timing and sales of new launches.
"Dividend per share was 27 sen in FY2013, translating into a yield of 9.5%," Insider Asia wrote in a report today.

In price-to-book value terms, Country View shares were traded at a ratio of 1.01 times, according to Insider Asia.

Bloomberg data showed that Country View's P/E ratio compared to the sector average of 36 times.

Insider Asia's report is published in The Edge Financial Daily and theedgemarkets.com
today.

According to Insider Asia, Country View is best known for its (432ha) 1,080.2-acre township Taman Universiti in Johor Bahru.

Insider Asia said Country View was currently developing properties in Taman Nusa Sentral at Bandar Nusajaya, Johor.

"Unlike Iskandar Johor’s luxury condominium market which is facing a glut, CView’s (Country View) projects are more insulated as they are mainly landed projects catering for the local middle-income population," Insider Asia said.

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