OCBC Investment Research has raised its target price for Singapore construction firm Lian Beng Group (LIBG.SI) to $0.55 from $0.51 and maintained its buy rating.
OCBC has raised its earnings estimates for Lian Beng in 2012 by 8% and 17% for 2013, to account for strong sales in its industrial development in Mandai, Singapore.
OCBC has raised its earnings estimates for Lian Beng in 2012 by 8% and 17% for 2013, to account for strong sales in its industrial development in Mandai, Singapore.
Lian Beng has also acquired a new residential development site in the city-state for $130 million, and OCBC said it was confident the firm will be able to execute its commercial and housing projects well.
“We believe these developments are positives for Lian Beng, as both are good locations and offer Lian Beng chances to add construction projects to their order books,” said OCBC in a report.
At 9:46 a.m., shares of Lian Beng were flat at $0.345, and have gained 13.1% since the start of the year.
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