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Smaller, more nimble Roxy-Pacific could benefit amid doused property sentiment, says DBS

Stanislaus Jude Chan
Stanislaus Jude Chan8/1/2018 11:31 AM GMT+08  • 2 min read
Smaller, more nimble Roxy-Pacific could benefit amid doused property sentiment, says DBS
SINGAPORE (Aug 1): DBS Group Research is keeping its “fully valued” rating on Roxy-Pacific Holdings with an unchanged target price of 40 cents. Based on a 55% discount to RNAV, this implies a 9% downside from Roxy’s closing price of 44 cents on Tues
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SINGAPORE (Aug 1): DBS Group Research is keeping its “fully valued” rating on Roxy-Pacific Holdings with an unchanged target price of 40 cents. Based on a 55% discount to RNAV, this implies a 9% downside from Roxy’s closing price of 44 cents on Tuesday.

“We believe the surprise move by the authorities in hiking ABSD rates and tightening mortgages (just over a year after the authorities relaxed the policy measures) will hit buyer sentiment significantly,” says lead analyst Rachel Tan in a Wednesday report.

The report comes after Roxy on Tuesday reported a 57% fall in 2Q18 earnings to $6.4 million on the back of lower property development revenue.

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