Singapore Stock Market News
Wheelock Properties (S) - A positive move
StockFanatic
Publish date: Wed, 16 Apr 2014, 08:58 AM
StockFanatic
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We view this positively as it appears to be
1) an opportunistic move on cheap valuations;
2) strategically pave the way for future collaborations to unlock value; and
3) does not alter Wheelock's position as a prime privatisation candidate in the longer term.
We expect the share price to react positively on this news and upgrade to an Add rating with a slightly higher target price of S$1.98 (still based on 25% discount to RNAV). Our FY14-16 EPS drops by 5-37% as we adjust for potential delays in development sales.
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