Ho Bee: KE initiates Buy, with $1.91 target. Views Ho Bee as a valuation play, given its deep 45% discount to RNAV/sh of $2.73, based on $1.51 share price at last close. Believes developer should be able to ride out uncertainties in the property market, supported by yet-to-be-recognized $220m ($0.30/sh) of development profits from pre-sold units and exposure to more stable high-end residential segment…
Catalysts to come from sizeable China investments in Shanghai and Tangshan via JV with Yanlord that should materialize in the next two years, as well as doubling of investment property portfolio following recent acquisition of the commercial site adjacent to Buona Vista MRT Station.
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