OCBC upgrades KSH Holdings to buy

Stock Name: KSH Hldg
Company Name: KSH HOLDINGS LIMITED

Research House: OCBC

Price Call: BUY

Target Price: 0.28

OCBC Investment Research has upgraded Singapore's construction and property development firm KSH Holdings (KSHH.SI) to “buy” from “hold,” but cut its target price to $0.28 from $0.30.

OCBC said it expects KSH to have the capacity to take on two to three large contracts and bring its order book up to between $600 million and $800 million.

The recent spate of large condominium launches in Singapore also offers bid opportunities for KSH, OCBC said in a report.

However, the brokerage cut its target price for KSH as it expects selling prices for its residential projects to fall due to global macro economic uncertainties.

At 9:52 a.m., shares of KSH were unchanged at $0.215. The shares have fallen about 17% since the start of the year.