BNP Paribas lifts Sim Lian Group (S05.SG) target price to $0.80 from $0.72, based on 20% discount to RNAV estimate, after increasing FY11-12 earnings estimates by 11%-28% to factor in potential property launches arising from developer’s recent site acquisitions, according to Dow Jones.

BNP Paribas notes company highest bidder for site recently put up for sale under Singapore government land tender, with bid of $160 million or $340 psf. Says Sim Lian has financial capacity to buy up to 2 more sites. Still, keeps Hold call on view stock fairly valued.

Shares +4.8% at $0.765.