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Singapore Property News for 30 July 2009
CIMB: Ho Bee upgrade to $1.40Target price raised to S$1.40 (from S$1.16). * Raise our FY10-11 core EPS estimates by 3-4% on slightly higher ASP assumptions for its onshore projects. * For the same reasons, end-CY10 RNAV has been lifted by 2% to S$1.40. * Assume S$1,800 psf for its Sentosa inventory, 30% below peak prices.* Trading at a 21% discount to our RNAV. * Balance sheet health set to improve significantly (even assuming write-downs)* Land bank to participate in this physical-property rally* Raise our target price from S$1.16 to S$1.40, based on parity to RNAV (previously 15% discount). * Maintain Outperform. DMG: Too soon to sellSpeculative signs present, but not excessive. National Development Minister Mah Bow Tan stated that the government is seeing speculative signs in the property market. Nonetheless, they are not excessive and it is a little too early to conclude that a property bubble is building up. In any case, the situation is being monitored closely to ensure that a property bubble does not
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