RHB Group Research’s Vijay Natarajan has maintained his “buy” rating on APAC Realty and raised his target price to 55 cents, up from his previous figure of 50 cents. 

Natarajan noted Singapore residential volumes have staged a strong rebound in 3QFY2020, with recovery seen across both primary and resale markets. 

Furthermore, he says “the stock’s current price-to-earnings ratio (P/E) of 10x is not expensive… when compared to low-mid teen levels typically seen during market upcycles.”

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