Forecast earnings for Bolton raised

Bolton is a "buy" with a price target of RM1.50 a share, says OSK Research, noting that Bolton has completed the acquisition of 23 acres in Ukay Perdana for RM72 million, slightly ahead of schedule.

The land comes with a ready development order and substantial earthworks done which should allow for speedy launch in 2Q11.

The project consist of 98 units of gated & guarded zero-lot bungalows with a gross development value of RM220 million.

"We raise our FY12-13F earnings by 3-18 per cent to RM53 million and RM92 million respectively to factor in the project," says OSK Research.

By Business Times