Stock Name: Lian Beng
Company Name: LIAN BENG GROUP LTD
Stock Name: Tee Intl
Company Name: TEE INTERNATIONAL LIMITED
Company Name: LIAN BENG GROUP LTD
| Research House: OCBC | Price Call: BUY | Target Price: 0.51 |
Stock Name: Tee Intl
Company Name: TEE INTERNATIONAL LIMITED
| Research House: OCBC | Price Call: BUY | Target Price: 0.36 |
OIR BITES: LIAN BENG GROUP & TEE INTERNATIONAL 12 Mar 2012 |
| PART OF CONSORTIUM TO REDEVELOP SELETAR GARDEN Both Lian Beng Group (LBG) and Tee International (TEE) separately announced they are part of the consortium, Oxley YCK Pte. Ltd., that acquired Seletar Garden for S$96.2m. The acquisition has been accepted by the vendors of Seletar Garden and Oxley YCK will redevelop it, pending the necessary approvals from the relevant authorities. The consortium is made up of Oxley Holdings, Unique Consortium and Goldprime Investment with a shareholding distribution of 55%, 35% and 10% respectively. Goldprime Investment is a wholly-owned subsidiary of LBG while Unique Consortium is a 20%-owned associated company of TEE. Both LBG and TEE have said this property redevelopment JV will not have a material impact on their respective financial performance for the financial year ending 31 May 2012. We maintain our BUY rating and fair value estimate of LBG at S$0.51/share, as well as our BUY rating and fair value estimate of TEE at S$0.36/share. |
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