SINGAPORE (Oct 23): The potential spinoff of Lian Beng’s property business may trigger a stock price re-rating to $1.08, a 11.6% discount from its book value per share of $1.2076, says NRA Capital.

See: Lian Beng to spin off property development business with Catalist listing

Currently, the stock is trading at a low 7.1 times trailing earnings, which NRA reckons is partially due to the group’s heavy balance sheet which comprises of mainly investment properties as well as losses from the Manufacturing of Concrete & Asphalt segment.  

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