RCCPS full redemption removes overhang
? IGBB’s move to fully redeem its RCCPS may remove share price overhang
as it eliminates the dilutive effect from RCCPS conversion.
? Reopening of international borders from 1 Apr is positive for retail assets and
should catalyse a turnaround of its hotel operations’ losses.
? Retain Add rating and revise TP upwards to RM2.61 (post RCCPS
redemption). FY22-24F dividend yields are decent at 4.4%.