Stock Name: SCGlobal
Company Name: SC GLOBAL DEVELOPMENTS LTD
Kim Eng Research in an Oct 12 research report says: "Constantly innovating to raise the bar on fine living and achieve record-breaking selling prices, it offers the purest play on Singapore's luxury property market.
"We believe the high replacement cost of $4,700 psf and a tightly-held supply will continue to support primary market prices in the luxury segment. The breakeven for 65% of SC Global's unsold inventory stands at $1,600-1,900 psf, lower than today's cost of land in prime Orchard Road.
"At the current share price, the company is valued at $416 million, which is less than the estimated profits from the sale of 30 units at its flagship development, The Marq, which makes up only 15% of its Singapore's inventory. Target price of $2.37. BUY (initiating coverage)."
Company Name: SC GLOBAL DEVELOPMENTS LTD
| Research House: Kim Eng | Price Call: BUY | Target Price: 2.37 |
Kim Eng Research in an Oct 12 research report says: "Constantly innovating to raise the bar on fine living and achieve record-breaking selling prices, it offers the purest play on Singapore's luxury property market.
"We believe the high replacement cost of $4,700 psf and a tightly-held supply will continue to support primary market prices in the luxury segment. The breakeven for 65% of SC Global's unsold inventory stands at $1,600-1,900 psf, lower than today's cost of land in prime Orchard Road.
"At the current share price, the company is valued at $416 million, which is less than the estimated profits from the sale of 30 units at its flagship development, The Marq, which makes up only 15% of its Singapore's inventory. Target price of $2.37. BUY (initiating coverage)."
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