Gold Mine

(L-R) MD & CIO of Global Business at KRX Doyeon Kim, President & CEO at KRX Sangwan Ahn, KRX Chairman Jiwon Jung, CSE Chairman Ray Abeywardena, SL Ambassador to South Korea Manisha Gunasekara, CSE CEO Rajeeva Bandaranaike, CSE Head of Finance and Administration Kusal Nissanka

The Land & Property sectors has been a top favourite of local punters, but stockbrokers LOLC Securities says investors should take a closer look at the valuation of these shares. The Land & Property sectors has been a top favourite of local punters, but stockbrokers LOLC Securities says investors should take a closer look at the valuation of these shares.

Associated Property
Development Limited

The company owns a significant
extent of prime property at the Union Place, Colombo 02, that has been last
valued in 1987, at Rs. 35.95 mn. LOLC Securities is of the opinion that the
current value of this property is around Rs. 150 mn, taking account of the rate
at which property values have been appreciating in this locality of the Colombo
city.

The firm’s estimated book value
at Rs. 49.50, is at a significant premium to the current market price of Rs.
34.50. "We are of the opinion that an upward re-rating of the counter is
warranted," says analysts Vajira Premawardhana and Shamle