Singapore Stock Market News
Regal International Group - Sights Set High
StockFanatic
Publish date: Tue, 11 Aug 2015, 10:20 AM
StockFanatic
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Welcome to Stockfanatic Singapore stock market and regional market news. This is a platform to share Singapore stock market and regional news to investors / man in the street. Investors can also look forward to analyst reports and brokers recommendations. Stockfanatic's Singapore stock market and regional news blog, home of investors one stop news station.
We initiate coverage on Regal with a "BUY" rating and a 0.7x P/RNAV target price of S$0.43.
■ Regal is poised to make the jump from a small niche developer to a substantially bigger one. As there is risk to this move, share prices have been weak of late, but a stake acquired now could bear enormous fruit in the medium term.
■ Malaysia's macro uncertainties are being played up in the media as dire, but they probably aren't as severe as is popularly believed.
■ The Sarawak property market is not well-covered or well-understood, and is stronger than that of West Malaysia.
■ Regal has two major projects that will require additional capital to complete. If it's able to realise its ambitions, the intrinsic value of the company increases dramatically.
■ An additional fillip to company value would come if it were to divest its precision division and devote itself entirely to property development, which would improve its attractiveness to investors.
■ The company is penalised by a short financial history, a confusing income statement and balance sheet, the uncertainties of the property sector and the macro environment. However, doing the required analysis suggests significant hidden upside.
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