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RHB upgrades APAC Realty to 'buy' despite 'opportunistic' offer, 17% ytd plunge

Jovi Ho
Jovi Ho6/23/2022 10:46 AM GMT+08  • 3 min read
RHB upgrades APAC Realty to 'buy' despite 'opportunistic' offer, 17% ytd plunge
Following the April 25 announcement, shares in APAC Realty plunged from some 80.5 cents to 66 cents by the end of the week. Photo: Albert Chua/The Edge Singapore
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APAC Realty’s share price may have fallen 17% ytd due to a lowball offer by Morgan Stanley Private Equity (MSPE), but Singapore’s property market will remain resilient, says RHB Group Research analyst Vijay Natarajan.

“We see value emerging at APAC — the stock is trading at 9x FY2022F P/E, with a handsome 8% yield offering downside support,” he writes.

In a June 23 note, Natarajan is upgrading APAC Realty to “buy” from “neutral”, with an unchanged target price of 75 cents, which implies a 25% upside.

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