=MARKET BUZZ: Malaysia’s Yong Tai Edges Higher; Maybank Tips "Belt & Road" Boost
KUALA LUMPUR (Apr 17) -- Yong Tai rises 0.7% to MYR1.52 edging towards highest level since Feb. Company seeking China’s National Development & Reform Commission's recognition of Impression City development as a "Belt & Road" cultural project, says Maybank Investment Bank. If recognized, this will be "a huge boost" as Impression City will be able to attract Chinese investments, house says. Views this will facilitate sale of property developments such as Dawn Tower 2, while enabling Yong Tai to jointly develop remaining 102.5 acres or 72% of Impression City land with Chinese developers. Expects Impression City’s Encore Melaka theatre to contribute a third of FY19 earnings, enabling Yong Tai to declare FY19 dividend of MYR0.082/share, an “attractive” 5.5% yield. Reiterates Buy call and MYR1.75 target price.
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