UOB Kay Hian’s Loke Peihao and Nicola Ho have re-initiated coverage of Ho Bee Land with a “buy” rating and a target price of $3.32. 

See also: CGS-CIMB raises Ho Bee Land TP to $2.70 after $250 mil investments

They cite a “solid recurring income base backed by quality office assets from gateway cities” in London and Singapore. Recurring earnings from investment properties - across the UK (52%), Singapore (42%) and Australia (2%) - made up 99% of 2019 gross profit, underpinned by the long weighted average lease to expiry (WALE) of five years in the UK and two to three years in Singapore.

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