Thursday, April 14, 2011

Tuan Sing Holdings rated 'buy' by Kim Eng

Stock Name: Tuan Sing
Company Name: TUAN SING HOLDINGS LIMITED
Research House: Kim Eng

Kim Eng Research in an April 13 research report says: "TSH is a diversified property group which offers an immediate catalyst for each of its underlying businesses. Redevelopment could unlock the value of the prime commercial buildings it owns in the heart of Singapore's financial district and the two five - star hotels in Australia.

"Turning coal to gold with new acquisitions is not impossible for its coal trading business held through subsidiary SP Corp. Finally, a corporate restructuring will give GulTech, its associate, a much higher valuation than just 5.3x PER currently.

"We ascribe a 15% discount to its RNAV of $74 cents per share to arrive at our target price of 63 cents per share. TSH's book value constitutes 67% of our RNAV, while surpluses from investment and development properties account for 27% and listed investments the remainder. BUY (initiating coverage)."

No comments:

Post a Comment