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GuocoLand gets a 'buy' as it rides local property upcycle

Samantha Chiew
Samantha Chiew8/17/2017 03:44 PM GMT+08  • 2 min read
GuocoLand gets a 'buy' as it rides local property upcycle
SINGAPORE (Aug 17): Maybank Kim Eng is initiating a “buy” recommendation on GuocoLand with a target price of $2.75 as the group taps on Singapore’s upcycle.
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SINGAPORE (Aug 17): Maybank Kim Eng is initiating a “buy” recommendation on GuocoLand with a target price of $2.75 as the group taps on Singapore’s upcycle.

In a Wednesday report, analyst Derrick Heng says, “We believe its small free float, lower trading liquidity and limited analyst coverage are technical reasons for the underperformance and steeper valuation discount when compared to its larger peers.”

GuocoLand reported structural improvements in its financials as the analyst believes that the group’s earnings quality will improve along with the gradual stabilisation of TPC and will lift its recurring EBDITA to over $140 million a year from $40 million in FY16.

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