Singapore Stock Market News

Ho Bee Investments - Spotlight on Metropolis

StockFanatic
Publish date: Tue, 18 Dec 2012, 11:40 AM
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''Ho Bee Group ''Outperform

Prolonged low interest rates have prompted strong demand for hard assets and persistently low cap rates. We revisit our valuations for HoBee as 2013 could see a play for quality assets, with Metropolis likely to be a well sought after property.

We raise our RNAV for lower cap rates, which increases our target price as we continue to tag a 30% discount to RNAV. No change to earnings estimates. Maintain Outperform, with strong leasing demand for Metropolis and China sales being the catalysts.
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