GuocoLeisure (B16.SG) +7.6% at $0.635 on above-average volume, with stock benefiting from investors looking for underperformers in property space, according to Dow Jones.

Newsflow on property group thin since release of March-quarter results in May, although majority shareholder Quek Leng Chan has been actively buying shares in open market in past weeks, with most recent purchase done last Wednesday, bringing stake to 65.54% from 65.53%.

Kim Eng Securities, which has no rating, says current share price undervalues GuocoLeisure’s prized assets, especially its properties in Hawaii, Fiji which company plans to sell.

“The proceeds could be returned to shareholders if there is no other investment need. In addition, GuocoLeisure used to pay as high as S$0.035/share in ordinary dividends before the economic crisis. This could be restored as business returns to normal,” says Kim Eng.

Resistance at $0.68, which 61.8% retracement of fall to year-to-date low of $0.485 from 52-week high of $0.81.