Stock Name: BukitSem
Company Name: BUKIT SEMBAWANG ESTATES LTD
Research House: Nomura
Company Name: BUKIT SEMBAWANG ESTATES LTD
Research House: Nomura
Nomura lifts Bukit Sembawang Estates (B61.SG) target price to $5.17 from $4.79, implying 1.4x FY11 P/B, to reflect higher selling price assumptions for 3 of developer’s housing projects in Singapore but keeps Neutral call, according to Dow Jones.
Nomura says company has low percentage, around 5.3%, of projected pro-rata development gains locked in by achieved sales.
Nomura says company has low percentage, around 5.3%, of projected pro-rata development gains locked in by achieved sales.
Research house notes while it built up existing land bank at relatively low costs, developer has been relatively slow in monetising such assets. Shares off 0.2% at $4.74.
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