KUALA LUMPUR (April 6): MIDF Research has revised its rating on Sunway Bhd to “Trading Buy” (from Buy) with a higher target price of RM3.97 (from RM3.72) and said pursuant to Sunway Construction Group Bhd’s (SCG) IPO, Sunway’s shareholders would receive special cash dividend of between 22.0 sen to 25.0 sen and a 1-for-10 distribution-in-specie of free SCG shares

In a note today, MIDF Research said the estimated SCG market cap would be at RM1.42 billion after IPO completion.

“Target Price adjusted to RM3.97 (from RM3.72)

“Recommendation revised to Trading Buy (from Buy). The announced amount of special cash dividend and the illustrative IPO price for SCGs appear to be attractive hence may raise investors’ interest on the stock,” it said.