Allgreen Prop

Macquarie upgrades Allgreen to Outperform from Neutral, citing attractive valuation with stock trading at 39% discount to RNAV after recent price weakness. Highlights strong sales of 4 residential projects in S’pore, with combined attributable profits of about $540m will support near-term earnings as these will be booked over next 3 years. Expects developer to launch several projects this year, take part in government land sales tenders.