Stock Name: Ho Bee
Company Name: HO BEE INVESTMENT LIMITED
DBS Vickers Securities in an Aug 10 research report says: "The 55% decline in Ho Bee's bottomline was expected with slower residential sales and reduced leasing income following divestment of investment properties such as TG Building, Platinum 28 and part of its strata office space at Samsung Hub.
"During the quarter the group sold c14 units at The Orange Grove, bringing sales to 68% and continued to recognize billings from its ongoing projects. The group also booked in 30% of contributions from its One Pemimpin industrial development, of which 76% of the 115 units have been taken up.
"With a gearing of only 0.32x, the group is well positioned to tap new opportunities. The stock is trading at a 51% discount to RNAV of $2.70 and 0.62x P/Bk NAV. Target price of $1.76. MAINTAIN BUY."
Company Name: HO BEE INVESTMENT LIMITED
| Research House: DBS Vickers | Price Call: BUY | Target Price: 1.76 |
DBS Vickers Securities in an Aug 10 research report says: "The 55% decline in Ho Bee's bottomline was expected with slower residential sales and reduced leasing income following divestment of investment properties such as TG Building, Platinum 28 and part of its strata office space at Samsung Hub.
"During the quarter the group sold c14 units at The Orange Grove, bringing sales to 68% and continued to recognize billings from its ongoing projects. The group also booked in 30% of contributions from its One Pemimpin industrial development, of which 76% of the 115 units have been taken up.
"With a gearing of only 0.32x, the group is well positioned to tap new opportunities. The stock is trading at a 51% discount to RNAV of $2.70 and 0.62x P/Bk NAV. Target price of $1.76. MAINTAIN BUY."
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