Sim Lian

Sim Lian: BNP lifts target price to $0.80 from $0.72, based on 20% discount to RNAV, after increasing FY11-12 earnings estimates by 11-28% to factor in potential property launches arising from developer's recent site acqs. Sim Lian recently won the govt land tender for Hougang Ave 7 site with a highest bid of $160m or $340 psf of GFA. The site can accommodate 400-450 condos. Group also has financial capacity to buy up to 2 more sites. But still keeps Hold call on view stock is fairly valued.