Bukit Sembawang

CIMB downgrades Bt Semb to Underperform from Outperform, cuts target price to $4.80 from $5.59, based on 30% discount to RNAV. Cites potential further delays in new property launches as risk in wake of weaker property market sentiment. While its 5m sf GFA of low-cost land bank remains its value proposition, Bt Semb may have missed the launch window yet again. Valuations not attractive vs other mid-cap developers given its low trading volume.