External broker reports(aggregated public sources), Hong Leong Investment Bank Berhad

Hong Leong Investment Bank Berhad

Hong Leong Investment Bank Berhad operates as an investment banking company. The Company provides debt and equity funding, private debt securities issuance, merger and acquisitions, initial public offerings, corporate restructuring, and stockbroking services. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We initiate coverage on TRC Synergy with a BUY recommendation and TP of RM0.40/share based on our SOP calculation with a deep 50% discount; reflecting small cap status and heavy public sector reliance.</li><li>Job opportunities are poised for an inflection buoyed by MRT3 to which we consider TRC a strong contender</li><li>TRC’s market cap trades at a -15% discount to its net cash position (1QFY22), we believe the market has ascribed a negative value to TRC’s real estate assets which we think is unwarranted.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We initiate coverage on TRC Synergy with a BUY recommendation and TP of RM0.40/share based on our SOP calculation with a deep 50% discount; reflecting small cap status and heavy public sector reliance.Job opportunities are poised for an inflection buoyed by MRT3 to which we consider TRC a strong contenderTRC’s market cap trades at a -15% discount to its net cash position (1QFY22), we believe the market has ascribed a negative value to TRC’s real estate assets which we think is unwarranted.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TRC Synergy Bhd

TRC Synergy - Down but Not Out