Allgreen: Nomura initiates a Buy with $1.38 target price, implying 0.8X FY11 P/B. Highlights Allgreen's significant exposure to commercial properties mitigates near-term headwinds for residential market following recent property market curbs. The group has stakes in Great World City, Traders Hotel. Tips commercial properties make up 43% of Allgreen's intrinsic asset value. Adds potential 3.8% dividend yield for FY11 higher than that offered by other developers.
But notes while developer's land bank acquired at relatively low costs vs previous property cycles, company has been slow in monetising these assets.
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