Maintain BUY with lower DCF-derived TP of SGD0.77 from SGD1.35, 26% upside. APAC's recent share price performance did not pan out as per our earlier expectations, as it was negatively impacted by the listing of Propnex and the unexpected implementation of property cooling measures by the Government. While transaction volumes are expected to slow due to the cooling measures, we believe the steep share price fall has already factored in most of the negatives. The stock still offers an attractive FY18F dividend yield of ~6%, based on our revised earnings. It is trading at a 25% discount to global peers (FY18 P/E) and a 35% discount to Propnex's historical FY17 P/E. Read More