Simons Trading Research

Author: simonsg   |   Latest post: Wed, 17 Jul 2019, 7:54 AM


APAC Realty - Negatives Priced in

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  • APAC Realty’s 1H18 net profit gained 8.7% - in line; interim 2cts DPS declared. 
  • Stable market share of 37.5%. 
  • Healthy project pipeline but take-up rate remains to be seen. 
  • Upgrade to HOLD; impact from property cooling measures priced in. 

Upgrade to Hold; Impact From Property Cooling Measures Priced in

We believe APAC Realty’s current share price has already priced in the impact from the recent property cooling measures. 

We have already assumed market transaction activities to be lower this year as compared to last year, and to stay flat in 2019 while the healthy project pipeline in 2H18 and 2019 should provide some support.

Upgrade to HOLD. 

Source: DBS Research - 08 Aug 2018

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Labels: APAC Realty

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