Stock Name: Ho Bee
Company Name: HO BEE INVESTMENT LIMITED
Research House: CIMB
Company Name: HO BEE INVESTMENT LIMITED
Research House: CIMB
CIMB Research has cut its target price for Singapore property developer Ho Bee Investments (HBEE.SI) to $1.85 from $2.07 but maintained its outperform rating.
Ho Bee’s core net profit of $211 million for 2010 met CIMB’s expectations but was below analysts’ consensus. CIMB said Ho Bee’s earnings growth in 2011 should be underpinned by a revival of sentiment for Sentosa island property.
Ho Bee’s core net profit of $211 million for 2010 met CIMB’s expectations but was below analysts’ consensus. CIMB said Ho Bee’s earnings growth in 2011 should be underpinned by a revival of sentiment for Sentosa island property.
“Sales on the island as been slow,” CIMB said, pointing out that the recently completed condominium, Turquoise, is still 53% unsold.
However, CIMB takes comfort in Ho Bee’s stronger capital structure since the last recession, adding that Ho Bee remains the largest developer in Sentosa with three luxury projects.
At 10:48 a.m., Ho Bee shares were up 3.1% at $1.35 with over 1.3 million shares traded.
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