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RHB |
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Property − Singapore Signs Of Stability
August proved to be a month in which private home-buying sentiment remained robust on a yoy basis. As a result, we do not believe that the government will look at demand-side policy easing in the near to medium term, especially given that elections need to take place in the next six months. We have lowered our rating on the property sector to MARKET WEIGHT as Singapore property developers appear to be trading at fair P/B valuations at present.
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UnUsUaL (UNU SP) Shares On Sale Now! While Stocks Last!; BUY
Initiate with a BUY with SGD0.42 TP, 50% upside. UnUsUaL is an Asian concert promotion and event production leader. It has grown since listing into an entity with FY19 earnings of SGD13.2m (CAGR: +53%). Given more entertainment opportunities ahead, this should help grow a conservative FY20F-22F NPAT CAGR of 20%. Its share price has also corrected significantly to a reasonable valuation. Consequently, we initiate coverage on a rare local firm that can still deliver high growth over the next 2-3 years.
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CGS CIMB |
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Property Devt & Invt Aug sales holding up
■ URA data showed that Aug home sales of 1,167 units were flat mom while year to Aug sell through levels were ahead of last year’s quantum. ■ We expect sales volume of c.9,000-10,000 units and 0-3% price hike in 2019. ■ Maintain sector Overweight. Our top picks are UOL, CAPL and CIT.
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Check out our compilation of Target Prices
