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DBS suspends coverage of Bukit Sembawang Estates; keeps 'buy'

Felicia Tan
Felicia Tan6/28/2022 06:42 PM GMT+08  • 2 min read
DBS suspends coverage of Bukit Sembawang Estates; keeps 'buy'
8 St Thomas. Photo: Bukit Sembawang
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DBS Group Research has suspended its coverage of Bukit Sembawang Estates due to the reallocation of resources. DBS was the only house covering the stock.

Analyst Rachel Tan is given the counter a “buy” call with a target price of $5.92, which assumes a 45% discount to the counter’s revised net asset value (RNAV) of $10.76.

“Our RNAV pegs Bukit Sembawang’s Ang Mo Kio Ave 5 land at $790 per sq ft of gross floor area (GFA) and estimates a surplus value of $318 million from Bukit Sembawang’s four development projects,” she writes.

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