Stock Name: Wheelock
Company Name: WHEELOCK PROPERTIES (S) LTD
CIMB in a Mar 20 research report says: "During its recent analysts’ briefing, we sense status quo, as the group remains cautious on acquisitions and retains its Singapore-residential focus. Deploying capital in China remains viable.
"Privatisation is also possible, though less compelling at current valuations. Wheelock’s cash hoard provides it with the financial muscle to stomach large acquisitions, we believe. As such, it faces no lack of options, though finding the right targets may prove difficult.
"We raise FY2012-2014 EPS and RNAV on lower cap rates and less-bearish ASPs for residential developments. A higher target price of $1.79 (still at 30% discount to RNAV) following our RNAV upgrade. MAINTAIN NEUTRAL."
Company Name: WHEELOCK PROPERTIES (S) LTD
| Research House: CIMB | Price Call: HOLD | Target Price: 1.79 |
CIMB in a Mar 20 research report says: "During its recent analysts’ briefing, we sense status quo, as the group remains cautious on acquisitions and retains its Singapore-residential focus. Deploying capital in China remains viable.
"Privatisation is also possible, though less compelling at current valuations. Wheelock’s cash hoard provides it with the financial muscle to stomach large acquisitions, we believe. As such, it faces no lack of options, though finding the right targets may prove difficult.
"We raise FY2012-2014 EPS and RNAV on lower cap rates and less-bearish ASPs for residential developments. A higher target price of $1.79 (still at 30% discount to RNAV) following our RNAV upgrade. MAINTAIN NEUTRAL."
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