Titijaya (More Valuation Upside)

It had proposed to raise its stake in Tenang Sempurna Sdn Bhd to 70% via its wholly owned subsidiary, Titijaya Res Sdn Bhd.

With the additional stake, Titijaya will own a total of 105000 shares or 70% stake in TSSB.

TSSB had received a provisional award for a JV on a 5 acre plot of land in KL.

The deal will lift its fair value by rm0.30 and bump up its GDV closer to rm10.00 billion from rm7 billion currently (July 2014).

It is located in one of the last few sizeable tracts of land within KL’s golden triangle.

Titijaya’s revalued net asset value gives a valuation range of rm3.19 to rm3.70. There will be further upside to this valuation as it plans to embark on more earnings and RNAV enhancing acquisitions and JV.