Of significant interest about BLand are its six overseas projects worth RM37.2 billion in addition to undeveloped valuable land in Kuala Lumpur.

BLand is also expected to enjoy steady cash flows from dividends as well as equity-accounted profits from its 48 per cent stake in "crown jewel" associate Berjaya Sports Toto Bhd (BToto).

"Our recent visits with the management have left us coming away fairly optimistic of BLand's growth prospects," ECM Libra Avenue wrote in a note on last Thursday.

Citing examples, the research house indicated a 33-sen annual rise in BLand's fully-diluted earnings per share by applying a 10 per cent net profit margin on its RM37.2 billion worth of property jobs in China, Thailand and Vietnam.

This, in turn, translates into a RM3.7 billion net profit to be recognised over the next 10 years.

On BToto, ECM Libra Avenue expects the gaming entity to sustain its 40-sen gross dividend per share payout at least in the next three years, hence, translating into an eight per cent gross yield.

On BToto's 90 million treasury shares, it said that if the shares were cancelled, it would reduce BToto's share capital base and, therefore, increase its earnings per share.

However, shareholders also stand to gain higher dividends if BToto decides to sell the securities in the market, assuming the entire proceeds are returned to shareholders as a special dividend.

"BLand stands to benefit significantly given its controlling 48 per cent equity stake in BToto," said ECM Libra Avenue, which initiated coverage on BLand with a "buy" call and a RM5.50 price target.