Stock Name: Hiap Hoe
Company Name: HIAP HOE LIMITED
DMG & Partners Research in a Dec 5 research report says: "Hiap Hoe started out as a construction firm and has accumulated over 40 years of experience in the construction industry. The company diversified into property development in the early 1990s and has since evolved into a niche integrated property developer engaged in mid-tier and luxury residential properties.
"At the current price, the stock is trading at a steep discount of 66% to our RNAV estimate of $1.22. Over $120 million of net earnings will be progressively recognised over the next few years as construction of its development projects progressed, driving NAV growth.
"Such a deep discount is unwarranted in our view, as the company has substantially de-risked and pre-sold most of its development projects. We ascribe a fair value of 61 cents on the stock, based on 50% discount to RNAV. BUY"
Company Name: HIAP HOE LIMITED
| Research House: DMG | Price Call: BUY | Target Price: 0.61 |
DMG & Partners Research in a Dec 5 research report says: "Hiap Hoe started out as a construction firm and has accumulated over 40 years of experience in the construction industry. The company diversified into property development in the early 1990s and has since evolved into a niche integrated property developer engaged in mid-tier and luxury residential properties.
"At the current price, the stock is trading at a steep discount of 66% to our RNAV estimate of $1.22. Over $120 million of net earnings will be progressively recognised over the next few years as construction of its development projects progressed, driving NAV growth.
"Such a deep discount is unwarranted in our view, as the company has substantially de-risked and pre-sold most of its development projects. We ascribe a fair value of 61 cents on the stock, based on 50% discount to RNAV. BUY"
No comments:
Post a Comment