SINGAPORE (Aug 8): DBS Group Research has upgraded real estate services provider APAC Realty to “hold” from “fully valued”, but lowered its target price by 6% to 62 cents.
“We believe APAC’s current share price has already priced in the impact from the recent property cooling measures,” says lead analyst Ling Lee Keng in a report on Tuesday.
The way Ling sees it, market transaction activities are likely to be lower this year, and expected to stay flat in 2019. However, the analyst believes APAC’s healthy project pipeline in 2H18 and 2019 should provide some support.
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