's finances from the termination of the joint development agreement with Penang Development Corp as it will be fully refunded the money invested under the deal, says Kenanga Research.
The land deal in question relates to the joint development of 558.96 acres of leasehold land in Batu Kawan, Penang, which would be developed into Batu Kawan Industrial Park 2, comprising factories, industrial lots and commercial components. Kenanga Research maintained its"neutral" outlook on Sunway although its target price was revised slightly lower to RM1.84 from RM1.88 as it excluded the real net asset value contribution of the PDC land deal.
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