Stock Name: Amara
Company Name: AMARA HOLDINGS LTD
CIMB in a Sept 2 research report says: "Amara is a hotel developer that will benefit from both the themes of (1) strong Singapore tourism growth and (2) the Tanjong Pagar area re-development.
"The market is valuing Amara's Singapore hotels and 100AM (under renovation, formerly Amara Shopping Centre) at historical costs. Revaluating to market values shows the stock trading only at 0.3x P/RNAV. We set our target price at a 50% discount to our CY12 RNAV estimate of S$0.99. Target price of 50 cents.
"Stronger-than-anticipated RevPar and faster-than-expected completion of its overseas hotels and 100AM are expected to provide stock catalysts. At such valuations, the stock could also be a takeover candidate, if it falls further. OUTPERFORM (initiating coverage)."
Company Name: AMARA HOLDINGS LTD
| Research House: CIMB | Price Call: BUY | Target Price: 0.50 |
CIMB in a Sept 2 research report says: "Amara is a hotel developer that will benefit from both the themes of (1) strong Singapore tourism growth and (2) the Tanjong Pagar area re-development.
"The market is valuing Amara's Singapore hotels and 100AM (under renovation, formerly Amara Shopping Centre) at historical costs. Revaluating to market values shows the stock trading only at 0.3x P/RNAV. We set our target price at a 50% discount to our CY12 RNAV estimate of S$0.99. Target price of 50 cents.
"Stronger-than-anticipated RevPar and faster-than-expected completion of its overseas hotels and 100AM are expected to provide stock catalysts. At such valuations, the stock could also be a takeover candidate, if it falls further. OUTPERFORM (initiating coverage)."
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