Company Name: HO BEE INVESTMENT LIMITED
| Research House: Phillip Securities | Price Call: HOLD | Target Price: 1.43 |
Phillip Securities raised its price target on real estate developer Ho Bee Investment to $1.43 from $1.38 and maintained its neutral rating.
Shares of Ho Bee were flat at $1.39 and have risen about 36% so far this year.
Ho Bee’s revenue for the first quarter fell 51% year-on-year to US$38.7 million ($48 million), as residential sales were hurt by a stamp duty imposed by the government aimed at cooling the housing market, the broker said.
“We remain concerned over the slow residential sale in the high-end segment,” said Phillip in a report.
However, Phillip said one of Ho Bee’s industrial properties, One Pemimpin, sold out in less than a year.
The broker added that it expects Ho Bee’s office development, the Metropolis at One North, to be completed earlier than expected in the third quarter of 2013, and to provide a boost the company’s net asset value.
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