Singapore Stock Market News

Ho Bee Land - Growing recurring income

StockFanatic
Publish date: Wed, 29 Apr 2015, 12:49 PM
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■ No surprises with 1Q EPS improvements from higher rental contributions. BVPS inched up to SGD3.93.

■ Expect much better FY16 from recognition of Australian residential projects. Lower FY15 EPS by 37%, but raise FY16 EPS by 24% for project-completion changes.

Reiterate BUY & SGD2.75 TP, at 35% discount to RNAV of SGD4.23. Catalysts from potential privatisation offer & rebound in high-end market.
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