DBS Group Research analysts Dale Lai and Derek Tan have initiated “buy” on Ho Bee Land with a target price of $3.80.

The target price is based on a 40% discount to the brokerage’s revised net asset value (RNAV) of $6.28, write the analysts in a June 10 report.

“This represents [a] potential upside of 40%. The stock currently trades at price-to-net asset value (P/NAV) of 0.5 times and offers a yield of 4.0%, backed by stable cashflows from its office property portfolio,” they add.

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