Sinarmas Land's (SGX:A26) independent financial advisor, W Capital Markets, refuted claims from a Business Times article titled "Sinarmas Land offer price may be hiked", according to a filing with the Singapore Exchange on Tuesday.

In the article, it was suggested that the company's stock valuation of SG$0.35 to SG$0.361 was way off the mark.

However, the IFA maintains that it used the sum-of-the-parts valuation analysis to derive the estimated range of values of the shares.

The advisor maintained the stance based on the nature of the company as a pure investment holding company with no direct control over the assets of its listed subsidiaries which operate under separate management teams.