Singapore Stock Market News
Ho Bee Investment - Clearer Skies Ahead
StockFanatic
Publish date: Tue, 13 Aug 2013, 12:57 PM
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2Q13 core earnings below expectations
Ho Bee reported a 2Q13 net profit of SGD26.2m (-50% QoQ; -64% YoY). Excluding one-offs (predominantly the SGD25.9m gain from the sale of Hotel Windsor), Ho Bee would have barely broken even with a PATMI of SGD0.1m due to a lack of residential sales.
Nonetheless, we maintain our BUY recommendation as Ho Bee's recurrent income base is set to improve significantly next year with the completion of The Metropolis. TP remains at SGD2.66, pegged to a 30% discount to RNAV.
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