SINGAPORE (Nov 24): OCBC Investment Research is maintaining its “buy” call on Wheelock Properties with an unchanged fair value estimate of $2.27, given the stock is attractively priced at 0.74 times FY16 book.
This comes after Wheelock reported 3Q17 results that were broadly in line with the research house’s expectations, indicating a strengthening of the group’s balance sheet in spite of lower 9M17 revenues due to decreased sales at Ardmore Three and The Panorama.
See: Wheelock Properties posts 72% rise in 3Q earnings to $49 mil
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