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Maybank turns neutral on property sector after government 'sucker punch'

Michelle Zhu
Michelle Zhu7/9/2018 12:08 PM GMT+08  • 3 min read
Maybank turns neutral on property sector after government 'sucker punch'
SINGAPORE (July 9): Maybank Kim Eng is downgrading its property sector weighting to “neutral” from “overweight” on the belief that the overhang on Singapore’s growth outlook and risk of further cooling measures will weigh heavily on the resident
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SINGAPORE (July 9): Maybank Kim Eng is downgrading its property sector weighting to “neutral” from “overweight” on the belief that the overhang on Singapore’s growth outlook and risk of further cooling measures will weigh heavily on the residential sector’s performance through 2H18.

The research house has downgraded four developers – City Developments (CDL), GuocoLand, Bukit Sembawang and Oxley Holdings – to “hold” from “buy” previously with lower target prices of $10.40, $2, $5.10 and 34 cents, respectively.

UOL, CapitaLand and Ho Bee Land continue to be rated at “buy” albeit with the lower respective target prices of $8.95, $3.80 and $3.05.

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