Stock Name: Ho Bee
Company Name: HO BEE INVESTMENT LIMITED
Kim Eng Research in a Sept 14 research report says: "Sentosa Cove's median residential rental for the month of July 2011 showed a monthly improvement of 8.5% to $4.45 psf per month after six consecutive months of decline. Sale of industrial units at One Pemimpin hit a new ASP of $820 psf.
"We estimate there remains about $584.2 million (81.5 cents per share) in sales revenue to be progressively recognised until the end of 2012. Outstanding number of shares has been reduced by 2.7% from the $26.7 million worth of share buyback since the start of the year.
"The current price level is where founder & CEO Chua Thian Poh bought 2 million shares in February 2011. The stock trades at 0.62x P/B, below its 5-year average of 1.17x. Target price of $1.93, pegged at a 30% discount to its RNAV of $2.76 per share. MAINTAIN BUY."
Company Name: HO BEE INVESTMENT LIMITED
| Research House: Kim Eng | Price Call: BUY | Target Price: 1.93 |
Kim Eng Research in a Sept 14 research report says: "Sentosa Cove's median residential rental for the month of July 2011 showed a monthly improvement of 8.5% to $4.45 psf per month after six consecutive months of decline. Sale of industrial units at One Pemimpin hit a new ASP of $820 psf.
"We estimate there remains about $584.2 million (81.5 cents per share) in sales revenue to be progressively recognised until the end of 2012. Outstanding number of shares has been reduced by 2.7% from the $26.7 million worth of share buyback since the start of the year.
"The current price level is where founder & CEO Chua Thian Poh bought 2 million shares in February 2011. The stock trades at 0.62x P/B, below its 5-year average of 1.17x. Target price of $1.93, pegged at a 30% discount to its RNAV of $2.76 per share. MAINTAIN BUY."
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