Stock Name: Allgreen
Company Name: ALLGREEN PROPERTIES LTD
Research House: JP Morgan Chase
Raises FY11, FY12 EPS forecasts by 48%, 45% respectively on increased margin assumptions from residential property developments; raises 2011 RNAV estimates to $2.07/share (from $1.60) after adjusting ASP assumptions for residential landbank.
Company Name: ALLGREEN PROPERTIES LTD
Research House: JP Morgan Chase
JPMorgan cuts Allgreen Properties (A16.SG) target to $1.10 from $1.14, set at 46% discount to end-December 2011E RNAV estimate of $2.07/share. Keeps Underweight, says 2010 YTD underperformance likely to persist medium term.
“There have been few positive catalysts for the stock during the year, with the market marking down the group for its China exposure (14% of GAV) and being generally capped by a policy overhang for Singapore residential property plays...we do not expect the conditions limiting the stock’s performance in 2010 to reverse in the next year.”
“There have been few positive catalysts for the stock during the year, with the market marking down the group for its China exposure (14% of GAV) and being generally capped by a policy overhang for Singapore residential property plays...we do not expect the conditions limiting the stock’s performance in 2010 to reverse in the next year.”
Raises FY11, FY12 EPS forecasts by 48%, 45% respectively on increased margin assumptions from residential property developments; raises 2011 RNAV estimates to $2.07/share (from $1.60) after adjusting ASP assumptions for residential landbank.
Adds “more progressive capital management approach or more active re-investment into accretive landbank in Singapore may be necessary to stimulate investor interest..”
Shares +0.9% at $1.16.
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