Stock Name: Wheelock
Company Name: WHEELOCK PROPERTIES (S) LTD
Target S$1.79
Company Name: WHEELOCK PROPERTIES (S) LTD
| Research House: CIMB | Price Call: BUY | Target Price: 1.79 |
Target S$1.79
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. We raise FY12-14 EPS and RNAV on lower cap rates and less-bearish ASPs for residential developments. Maintain Neutral with a higher target price (still at 30% discount to RNAV) following our RNAV upgrade.
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