KUALA LUMPUR, Aug 1 — SJ Securities Sdn Bhd has handed a “buy” rating to I-Bhd with a target price of RM4.40, on the back of contributions from its property development and leisure divisions.

I-Bhd’s current unbilled sales of RM400 million will underpin its future earnings, said SJ Securities in a note here today.

Total launches of between RM1.6 billion-RM2 billion in gross development value (GDV) are expected over the next two years.

This is thanks to the roll out of more residential plots within i-City, in Shah Alam, and Grand i-Residence, a high gross development value (GDV) project in the KLCC vicinity.

SJ Securities also expects I-Bhd’s leisure division to contribute at least RM50 million revenue yearly, after the management added new attractions of late, with two being introduced in the second half of this year.

“With the scheduled opening of the three-star 216-room Best Western hotel in September 2014, we expect better future earnings in this segment. The hotel will be able to attract tourists rather than day trippers to i-City,” it said. — Bernama