OCBC upgrades Singapore's Roxy Pacific to buy

Stock Name: Roxy-Pacific
Company Name: ROXY-PACIFIC HOLDINGS LIMITED

Research House: OCBC

Price Call: HOLD

Target Price: 0.62

OCBC Investment Research raised its rating on Singapore property firm Roxy Pacific Holdings to buy from hold, citing the company’s strong sales last month. 

It raised its price target on Roxy $0.62 from $0.45.

“At the current juncture, we judge that Roxy now warrants a lower restated net asset value discount at 30%, versus 40% previously, due to its more favorable risk profile,” the brokerage said.

Roxy’s shares were up 0.9% at a record $0.56. The stock has gained 42% so far this year.