Stock Name: Ho Bee
Company Name: HO BEE INVESTMENT LIMITED
Maybank-Kim Eng Research in a Mar 21 research report says: "Home curbs are spawning an office boom. Office units at Robinson Square, Paya Lebar Square and PS100 have sold like hotcakes. It makes sense for Ho Bee to consider selling its office space at The Metropolis. We estimate it would make $300 million from a 50% sale.
"Ho Bee is exempted from the two-year deadline to sell all residential units after completion, as most of its projects are located in Sentosa Cove where this exception applies. However, sales are still severely lacking. Ho Bee is trading at a discount of 57% to RNAV and 41% to book.
"We remain neutral in view of near-term headwinds, locally and in China, where its exposure is now over 40% of RNAV. Target price of $1.27, pegged at a 60% discount to its RNAV of $3.18. MAINTAIN HOLD."
Company Name: HO BEE INVESTMENT LIMITED
| Research House: Kim Eng | Price Call: HOLD | Target Price: 1.27 |
Maybank-Kim Eng Research in a Mar 21 research report says: "Home curbs are spawning an office boom. Office units at Robinson Square, Paya Lebar Square and PS100 have sold like hotcakes. It makes sense for Ho Bee to consider selling its office space at The Metropolis. We estimate it would make $300 million from a 50% sale.
"Ho Bee is exempted from the two-year deadline to sell all residential units after completion, as most of its projects are located in Sentosa Cove where this exception applies. However, sales are still severely lacking. Ho Bee is trading at a discount of 57% to RNAV and 41% to book.
"We remain neutral in view of near-term headwinds, locally and in China, where its exposure is now over 40% of RNAV. Target price of $1.27, pegged at a 60% discount to its RNAV of $3.18. MAINTAIN HOLD."
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