Thursday, May 18, 2006

Stock Upgraded: Singapore Land fair value raised to 6.39 by OCBC Investment Research!

OCBC Investment Research said it has raised its fair value for Singapore Land Ltd to 6.39 sgd from 5.68 sgd given the firm's improved financial standing. "In light of the completion of works at Marina Square and The Oriental, better earnings prospects, and the higher book value and accretion from its newly acquired land bank, we have revised up our fair value," OCBC analyst Winston Liew said in a note. The brokerage noted that Singapore Land is finally seeing recovery as it posted strong first quarter results with net profit up 23 pct year-on-year to 22.5 mln sgd and revenue up 17.1 pct at 51.1 mln sgd. "The investment case for SingLand remains the possibility of corporate developments (be it another takeover attempt or the unlocking of value by its parent United Industrial Corp). Presently, we do not see either in the short term," Liew said. The brokerage kept its "hold" recommendation on the stock. At 10.25 am, Singapore Land was down 0.30 sgd or 4.23 pct at 6.80 on volume of 219,000 shares.

0 Comments:

Post a Comment

<< Home