Excel – http://1drv.ms/1jmpDFM
– Fair Value
– 5Y DCF: 3.31 – 3.79 (MOS: 44% – 51%)
– Absolute EY%: Buy below 2.40, Sell above 4.34
– OSKPROP is currently undervalued.
– Based on various published reports and BNM Mar 2014 report, BNM has very high tendency to increase OPR in short future. This will create adverse short-term impact to stock market, especially property sector.
– Despite OSKPROP is undervalued now, I choose to stay out for the time being. I am willing to pay some premium, but I want to be sure about BNM’s future policy.
Latest Financial – Annual Report 2013 (27 Mar 2014) http://www.bursamalaysia.com/market/listed-companies/company-announcements/1578245
At the time of writing, I did not own shares of OSKPROP.