Stock Name: Lian Beng
Company Name: LIAN BENG GROUP LTD
Kim Eng Research in a Nov 22 research report says: "Lian Beng's 50:50 joint venture with Centurion Properties bought the 68-unit, freehold Dragon Mansion at Spottiswoode Park for $130 million last week.
"The redevelopment can yield 118,943 sq ft of GFA, implying a sale price of $1,093 psf ppr and an estimated breakeven of $1,580 psf. With the addition of Dragon Mansion, Lian Beng has an attributable unsold landbank of 84,574 sq ft.
"We expect the group's earnings to continue to be largely (over 60%) driven by construction, backed by a strong orderbook of $761 million excluding the expected contracts from Mandai Estate ($66 million including the construction of worker's dormitory), Midlink Plaza ($45 million) and Dragon Mansion ($42 million). Target price of 62 cents, pegged at 6x FY May12F PER. MAINTAIN BUY."
Company Name: LIAN BENG GROUP LTD
| Research House: Kim Eng | Price Call: BUY | Target Price: 0.62 |
Kim Eng Research in a Nov 22 research report says: "Lian Beng's 50:50 joint venture with Centurion Properties bought the 68-unit, freehold Dragon Mansion at Spottiswoode Park for $130 million last week.
"The redevelopment can yield 118,943 sq ft of GFA, implying a sale price of $1,093 psf ppr and an estimated breakeven of $1,580 psf. With the addition of Dragon Mansion, Lian Beng has an attributable unsold landbank of 84,574 sq ft.
"We expect the group's earnings to continue to be largely (over 60%) driven by construction, backed by a strong orderbook of $761 million excluding the expected contracts from Mandai Estate ($66 million including the construction of worker's dormitory), Midlink Plaza ($45 million) and Dragon Mansion ($42 million). Target price of 62 cents, pegged at 6x FY May12F PER. MAINTAIN BUY."
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