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Ho Bee kept at 'buy' with Sentosa relaunch in the cards

PC Lee
PC Lee3/2/2018 04:55 PM GMT+08  • 2 min read
Ho Bee kept at 'buy' with Sentosa relaunch in the cards
SINGAPORE (Mar 2): Maybank Kim Eng is maintaining Ho Bee Land at "buy" as the developer trades at an undemanding 47% RNAV discount.
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SINGAPORE (Mar 2): Maybank Kim Eng is maintaining Ho Bee Land at "buy" as the developer trades at an undemanding 47% RNAV discount.

To recap, FY17 core EBIT came in line with Maybank's estimates as contributions from associates and JVs was better than expected on stronger China sales.

This was offset by an impairment of $16.8 million for its 35% stake in Cape Royale which brought down the carrying value of the property to $1,881 psf from $1,950 psf.

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