Bina Darulaman Berhad’s (BDB) current infrastructure projects are progressing well benefiting from the Kedah Development Plan 2035, such as the Pelubang Water Treatment, Irrigation System Development Project, State Road Maintenance Project, with potentially more to come from the development plan.
Malacca Securities (MSSB), in its Technical Focus note today (May 20), said the property division is focusing on developing new affordable townships, namely Darulaman Saujana in Hosba and Aman Nusa in Langkawi, which is in addition to the existing affordable township in Darulaman Lagenda, Sungai Petani Kedah. The new developments will bring about stronger topline growth moving forward.
Technically, BDB last closed at RM0.40, targeting a resistance of RM0.43-0.435, with a LT target at RM0.45 Support is located around RM0.38-0.385, while cut loss is at RM0.37.
Management is actively looking to expand the Engineering Construction and Quarry Divisions into related industries. The division currently operates two quarries in Kedah, namely Langkawi and Pendang, the latter recently received a 5-star rating from Jabatan Mineral & Geosains Malaysia.
Share price could be experiencing a potential flag formation breakout above RM0.40. As the technical readings are positive, MSSB expects follow-through buying interest to be seen in the near term, targeting RM0.43-0.435, with a LT target at RM0.45. Support is set around RM0.38-0.385, with a cut loss set around RM0.37.
BDB operates oil palm plantations. BDB also provides building and general contractor, granite quarry operation, civil engineering, film production house, and events management service. BDB also operates in property development and investment as well as golf resort.
