Guocoland - Realising value from DZM | I3investor

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Guocoland - Realising value from DZM

StockFanatic

Publish date: Fri, 21 Aug 2015, 02:40 PM

Guocoland has sold its 90% stake in the Beijing DZM development for Rmb10.5bn. This will remove a major overhanging uncertainty of the outcome of this project on its share price. Apart from realising value from this development, the sale would enable the group to de-lever its balance sheet and recycle capital going forward. We tweak our RNAV by 3.6% to S$3.70, given the lower-than-projected selling price. We expect investors to focus on the key positive of RNAV actualisation and anticipate a share price re-rating to narrow the gap to asset backing. We reiterate our Add rating with a revised target price of S$2.78.

GuocoLand (F17)

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