Landkom's Land Bank Reaches 67 ths ha

In a press release, Landkom International (LKI LN: N/R) reported that its land bank reached 67 ths ha by March 2008. Landkom said that it achieved its target of 50 ths ha under lease by eoy 2007. Landkom’s CEO, Richard Spinks, said that at the company’s current acquisition rate, it is on target to achieve its goal of 115 ths ha by eoy 2008. Anna Dudchenko: Landkom’s yearend goal for land under lease looks realistic. We think that the company’s achievement of its goals indicated during placement in late 2007 is the major reason for its 53.4% run since placement. However, Landkom’s current P/hectare multiple of 5,075 is significantly higher than domestic landholders’ average P/ha of 2,409.