Stock Name: Roxy-Pacific
Company Name: ROXY-PACIFIC HOLDINGS LIMITED
Research House: DBS Vickers
Company Name: ROXY-PACIFIC HOLDINGS LIMITED
Research House: DBS Vickers
DBS Vickers lifts Roxy-Pacific (E8Z.SG) target price to $0.55 vs $0.44, based on 30% discount to higher RNAV estimate of $0.79 vs $0.63 previously, to factor in higher average selling price for developer’s Spottiswoode Park Singapore residential project and contributions from 2 upcoming launches. Keeps Trading Buy call.
DBS Vickers says Roxy also expected to benefit from Singapore’s strong hospitality sector as it owns 558-room Grand Mercure Roxy Hotel, which accounted for 19.5% of group revenue for first 9 months of 2010; “contributions from the hotel segment can help to smoothen out the lumpy contributions from the property development segment.”
Shares +6.7% at $0.40.
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