Ho Bee's 2Q core net profit rose 43% yoy, largely due to higher rental income from The Metropolis. 1H's core net profit was in line at 48% of our full-year forecast. Management's strategy of focusing on building up recurring rental income, while awaiting recovery of Singapore's residential market, remains unchanged. Overseas residential exposure remain opportunistic, but they are expected to contribute positively as Australian projects come on stream in FY16 to post respectable margins in the high-teens. We maintain our Add call and RNAV-based target price but tweak our FY15-17 core EPS as we adjust our completion recognitions. We like Ho Bee for its deep discount of 47% to RNAV and resilient office portfolio. Catalysts include earnings delivery from FY16 onwards from overseas projects and further accretive acquisitions.