KUALA LUMPUR: Shares of Tanjong fell in late afternoon trade on Monday, Nov 30 to RM16.16, the lowest in more than three weeks, despite analysts viewing more upside for the power-gaming group.

At 3.31pm, it was down 34 sen to RM16.16 and it was the top loser. There were 285,700 shares traded.

The 30-stock FBM KLCI fell 5.85 points to 1,264.76.  Turnover was 735.5 million shares valued at RM1.18 billion.

Other losers were plantations including Far East, down 25 sen to RM6.25, BLD Plantations 20 sen lower at RM3.80 and IOI Corp-OR 15 sen lower at RM2.36. Investors’ sentiment was impacted by the debt crisis in Dubai, where the Nasdaq Dubai UAE 20 fell more than 10% in early trade.

Maybank Investment Research said in a report on Monday that it continued to see good value in Tanjong despite the 8% share price rise this month. It closed at RM16.42 last Thursday and the target price was unchanged at RM18.60.

It added the group recently hired a CEO for its newly-created Entertainment Division, possibly laying the groundwork for value-unlocking corporate restructuring.

“At 10 times CY10 earnings, Tanjong trades at a substantial discount to the 15 times of Berjaya Sports Toto and YTL Power and offers a 7% gross dividend yield,” it said.