Allgreen - Allgreen Properties cut to Underperform by CIMB

Stock Name: Allgreen
Company Name: ALLGREEN PROPERTIES LTD
Research House: CIMB

CIMB downgrades Allgreen Properties (A16.SG) to Underperform from Neutral on view stock lacks catalysts despite valuations being undemanding. Keeps target at $1.25.



Says as residential development remains central to Allgreen’s business, housing-market curbs in Singapore “remain a threat”.

Tips every 10% fall in residential prices to shave 5% off RNAV estimate.



Expects company to be passive on acquisition front in 2011; “past participation in government land tenders had not yielded rewards for the group. We believe it is likely to tap its existing land bank for future launches.”



Shares flat at $1.16.