Stock Name: Allgreen
Company Name: ALLGREEN PROPERTIES LTD
Research House: AmFraser
AmFraser Research in a May 24 research report says: "Brookvale Investments Pte Ltd (Brookvale) has made a voluntary conditional cash offer of $1.60 per share for all issued shares of Allgreen Properties Ltd (Allgreen).
"Brookvale intends to take Allgreen private whilst offering existing shareholders a chance to liquidate their investment at a significant premium to the market traded price over the last three years.
"Due to the policy overhang on the property sector, mid-cap property counters under our coverage are currently trading in the region of 0.7x to 0.9x price-to-book value.
"Our RNAV estimate of $1.60 per share is exactly the same as the offer price by Brookvale. We had priced fair value of Allgreen at parity to our RNAV estimate. MAINTAIN BUY."
Company Name: ALLGREEN PROPERTIES LTD
Research House: AmFraser
AmFraser Research in a May 24 research report says: "Brookvale Investments Pte Ltd (Brookvale) has made a voluntary conditional cash offer of $1.60 per share for all issued shares of Allgreen Properties Ltd (Allgreen).
"Brookvale intends to take Allgreen private whilst offering existing shareholders a chance to liquidate their investment at a significant premium to the market traded price over the last three years.
"Due to the policy overhang on the property sector, mid-cap property counters under our coverage are currently trading in the region of 0.7x to 0.9x price-to-book value.
"Our RNAV estimate of $1.60 per share is exactly the same as the offer price by Brookvale. We had priced fair value of Allgreen at parity to our RNAV estimate. MAINTAIN BUY."
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