SINGAPORE (Aug 29): CIMB Research is maintaining its “add” recommendation on property developer Guocoland with a higher price target of $2.77 from $2.59 previously.

The new target is based on a 25% discount to a higher net asset value (RNAV) projection of $3.73 after accounting for lower cap rates in Singapore.

CIMB remains positive on the stock even as it recently reported a set of 4Q17 results that missed the research house’s expectations on slower-than-projected overseas earnings contributions, with FY16/17 core net profit coming in at only 73% of CIMB’s full-year forecast

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