Shares of Eco World Bhd Development Bhd held steady on Thursday despite news about the cancellation of the land purchase in Batu Kawan, Penang for its RM10bil Eco Marina.
CIMB Equities Research said Eco World could then channel its financial resources to develop other Klang Valley projects that target the masses, rather than Eco Marina which targets the affluent.
“This could also help the group to maintain its balance sheet strength and better weather the current property downturn,” it said.
At the close of morning trade, Eco World was unchanged at RM1.28, with analysts keeping it as an Add due to the potential upside of the share price.
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CIMB Equities Research said Eco World could then channel its financial resources to develop other Klang Valley projects that target the masses, rather than Eco Marina which targets the affluent.
“This could also help the group to maintain its balance sheet strength and better weather the current property downturn,” it said.
At the close of morning trade, Eco World was unchanged at RM1.28, with analysts keeping it as an Add due to the potential upside of the share price.
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