Oct
18
Malaysian Fund Buys Property Stocks at 32% Discount to World
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Property shares worst performers in Malaysia in past year
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Eastspring starts `nibbling’ stocks that have tumbled
Malaysia’s top-performing fund is buying the nation’s property companies after a slump in shares left valuations at their cheapest level in at least seven years relative to global peers.
Eastspring Investments Bhd. has started “nibbling” on some of the stocks that have been beaten down on the prospect the real-estate industry will eventually recover, Chen Fan Fai, the Kuala Lumpur-based chief investment officer, said in an interview on Oct. 9. He declined to identify the companies he’s buying. The Bursa Malaysia Property Index is valued at 8.9 times 12-month projected earnings, a 32 percent discount to the Bloomberg World Real Estate Index…
Malaysian Fund Buys Property Stocks at 32% Discount to World
