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Guocoland’s stake in Eco World gets a ‘yes’ vote

Benjamin Cher
Benjamin Cher10/28/2016 01:01 PM GMT+08  • 1 min read
Guocoland’s stake in Eco World gets a ‘yes’ vote
SINGAPORE (Oct 28): Guocoland’s participation in Eco World Development Group’s planned IPO of Eco World International (EWI) has CIMB maintaining its “add” call with a target price of $2.59.
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SINGAPORE (Oct 28): Guocoland’s participation in Eco World Development Group’s planned IPO of Eco World International (EWI) has CIMB maintaining its “add” call with a target price of $2.59.

In a Thursday note, lead analyst Lock Mun Yee notes that the shareholders’ agreement would expand Guocoland’s geographic footprint into Australia and UK, where EWI has developments in.

EWI currently has 75% stakes in three ongoing developments in London and wholly owns a development in West Sydney, Australia, which has a combined development value of $4.1 billion. As of 16 Oct, EWI has about $1.7 billion worth of sales from these projects.

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