CIMB Keeps Buy Call On MRCB, Target MYR3.15

CIMB keeps MRCB on Buy with MYR3.15 target price based on RNAV; says company may emerge as best play for exposure to mega projects planned in Penang including much talked about new MYR1.2 billion international airport. Over weekend, The Edge reported MRCB planning to buy 30% stake in Equine Capital which mooted airport project some years ago. MRCB could also add MYR1.2 billion Penang Monorail project and MYR1 billion Penang Outer Ring Road (PORR). Orderbook could potentially surge to MYR5.1 billion. MRCB flat at MYR2.51 in heavy volume but could attract buying attention in coming weeks. Equine Capital +1.3% at MYR3.10.