KUALA LUMPUR, April 24 (Bernama) -- YTL Corporation Bhd has emerged as one of the most active counters in early trade today following its unconditional mandatory takeover offer (MTO) for Concrete Engineering Products Bhd (CEPCO) through its unit, YTL Cement Bhd.
At 10.33 am, YTL Corp shares slid one sen to RM2.01, with 2.63 million shares traded.
In a note today, MBSB Investment Bank Bhd (MBSB IB) said the acquisition of CEPCO would strengthen YTL Cement’s vertical integration strategy by adding substructure precast capabilities, which would synergise well with its existing cement, aggregates and precast superstructure operations.
“Demand for precast concrete is expected to be favourable in the long term, supported by the need for higher productivity, faster project delivery and better construction efficiency across public infrastructure, residential, industrial and data centre developments,” it said.
As such, MBSB IB maintained its ‘buy’ recommendation on YTL Corp, with a revised target price of RM3.44, up from RM3.26 previously.
-- BERNAMA
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