While UOB KayHian believes APAC Realty is well-positioned to grow further, it has initiated coverage on the real estate brokerage with a “hold” rating and target price of 41 cents.

UOBKH says the company offers an asset-light play on the resilient Singapore property transaction volumes, supported by enhanced liquidity and government stimulus amid the Covid-19 pandemic.

SEE:‘Buy’ APAC Realty as residential volumes rebound: RHB

Moreover, its globally recognised ERA brand and regional master franchise place the company in a position to cross-sell and grow beyond Singapore.

In addition, positive newsflow on the Covid-19 vaccination roll-out may provide a boost to its share price.

However, UOBKH reckons that investors should only accumulate the stock at 37 cents, according to its initiation report dated Dec 17.

As at 4.17 pm, APAC Realty was up 0.5 cent or 1.2% at 43.5 cents with 33,400 shares changed hands.