Stock Buy Call: Ho Bee upgraded to buy by DBS Vickers!

DBS Vickers Securities said it has upgraded its rating for Ho Bee Investment Ltd to "buy" from "hold," setting a higher target price of 1.46 sgd for the property developer from 1.36 after a string of positive newsflow on property acquisitions. Ho Bee, together with MCL Land Ltd, will jointly acquire Holland Hill Mansions for 292 mln sgd. The company also emerged as having submitted the highest bid for a condominium development site at Sentosa Cove here called Waterfront Collection. "Assuming that Ho Bee is awarded the Waterfront Collection and is able to obtain an average selling price of 1,800 per square foot (psf) and an average selling price of 1,450 sgd psf for the site at Holland Hill, we have a revised target price (for the stock) of 1.46 sgd," DBS Vickers analyst Zy Sew Ho said in a note. At 10.12 am, Ho Bee was up 0.01 sgd or 0.79 pct at 1.28 on volume of 953,000 shares.