Stock Name: BukitSem
Company Name: BUKIT SEMBAWANG ESTATES LTD
CIMB in a Jan 5 research report says: "New management has left more positive vibes. We sense greater business acumen and enthusiasm in engaging investors. Based on guidance obtained on site and construction costs, we estimate that margins have increased by 15% since its Phase 1 launch in 2009.
"Management will continue to reduce net gearing (0.13x vs. over 0.8x in 2008/09) and has expressed the willingness to acquire sites in a downcycle. At 58% below RNAV, the stock is trading at a deep discount (biggest since 2008).
"We raise FY2012-2014 EPS by 12/29%. A more active launch schedule and possible dividend surprises could form catalysts. Target price of $4.72. UPGRADE TO OUTPERFORM."
Company Name: BUKIT SEMBAWANG ESTATES LTD
| Research House: CIMB | Price Call: BUY | Target Price: 4.72 |
CIMB in a Jan 5 research report says: "New management has left more positive vibes. We sense greater business acumen and enthusiasm in engaging investors. Based on guidance obtained on site and construction costs, we estimate that margins have increased by 15% since its Phase 1 launch in 2009.
"Management will continue to reduce net gearing (0.13x vs. over 0.8x in 2008/09) and has expressed the willingness to acquire sites in a downcycle. At 58% below RNAV, the stock is trading at a deep discount (biggest since 2008).
"We raise FY2012-2014 EPS by 12/29%. A more active launch schedule and possible dividend surprises could form catalysts. Target price of $4.72. UPGRADE TO OUTPERFORM."
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