Stock Name: Ho Bee
Company Name: HO BEE INVESTMENT LIMITED
Phillip Securities Research in an Apr 30 research report says: "1Q12 revenue of $38.7 million was 50.7% lower y-o-y, and PATMI of $15.8 million was 71.1% lower y-o-y. Apart from lower turnover, smaller share of profits from jointly-controlled entities and absence of gain on sale of investment properties, compared to 1Q11, also contributed to the lower bottom line.
"Residential property sales were impacted badly by the ABSD, but industrial development sold out in less than a year. We remain concern over the slow residential sale in the high end segment.
"We increase RNAV estimate from $3.07 to $3.18 to factor in higher development value from The Metropolis and gain on sale of investment property. Fair value is thus increase from $1.38 to $1.43 based on the same discount to RNAV of 55%. MAINTAIN NEUTRAL."
Company Name: HO BEE INVESTMENT LIMITED
| Research House: Phillip Securities | Price Call: HOLD | Target Price: 1.42 |
Phillip Securities Research in an Apr 30 research report says: "1Q12 revenue of $38.7 million was 50.7% lower y-o-y, and PATMI of $15.8 million was 71.1% lower y-o-y. Apart from lower turnover, smaller share of profits from jointly-controlled entities and absence of gain on sale of investment properties, compared to 1Q11, also contributed to the lower bottom line.
"Residential property sales were impacted badly by the ABSD, but industrial development sold out in less than a year. We remain concern over the slow residential sale in the high end segment.
"We increase RNAV estimate from $3.07 to $3.18 to factor in higher development value from The Metropolis and gain on sale of investment property. Fair value is thus increase from $1.38 to $1.43 based on the same discount to RNAV of 55%. MAINTAIN NEUTRAL."
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