KUALA LUMPUR, Feb 28 — Hong Leong Investment Bank (HLIB) has maintained its “buy” call on Boustead Holdings Bhd as it believes the company’s privatisation of Al-Hadharah Boustead Real Estate Investment Trust is undervalued.

In a statement today, the research house said the conglomerate’s plantation division could unlock value, relatively high and quarterly net dividend yields, decent earnings growth.

“The market has yet to fully appreciate the hidden value,” it added.

HLIB raised its target price for Boustead to RM6.82 from RM6.72.

Meanwhile, research house HwangDBS Vickers Research maintained its “hold” call for Boustead, following the disappointing results from Boustead Heavy Industries Corporation Bhd.

It also maintained the target price for Boustead at RM5.60. — Bernama