Kim Eng Securities starts Ho Bee Investment (H13.SG) at Buy with $1.91 target price, based on 30% discount to RNAV estimate, says Dow Jones.

Kim Eng says high-end developer should be able to weather uncertainties in Singapore's residential market, arising from recent housing-market curbs, by recognising additional profits of $220 million from homes already sold.

Research house notes unsold units from launched projects could generate another $350 million profits based on current market prices. Says recent acquisition of commercial site in Singapore adjacent to Buona Vista MRT station will help boost Ho Bee’s recurring income stream.

“We expect demand to be strong given the site's proximity to transport infrastructure,” says Kim Eng. Shares flat at $1.51.