DBS Group Research has initiated “buy” on Far East Orchard Limited (FEOR) with a target price of $1.70.
To analysts Chung Wei Le and Derek Tan, the counter, which is currently trading at a trailing 12 months (TTM) price-to-book (P/B) multiple of 0.40 times, which is at a discount to its hospitality peers at 0.81 times.
FEOR’s P/B is also considered low next to its purpose-built student accommodation (PBSA) peers with an average of 0.64 times P/B, as well as its own historical average at -0.54 standard deviation (s.d.) of its four-year historical mean.
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