Hiap Hoe

Hiap Hoe: DMG maintains Buy, raises TP to $0.68 from $0.61 after increasing RNAV for the stock to $1.36 from $1.22, with the upgrade driven by higher valuation for Days Hotel (from $400k/key to $500k/key) and Ramada Hotel (from $500k/key to $600k/key) at its Zhongshan Park project. Highlights catalysts for the stock incl, i) hike in dividends, ii) good take up on new residential sales --- 3 of its residential projects, The Beverly, Skyline 360 at St Thomas and Treasure on Balmoral is progressing ahead of schedule with all 3 expected to obtain TOP over the next two mths, and iii) partial monetization of its Zhongshan Park project (devt tracking ahead of schedule) The stock is +5.4% at $0.585.