Ho Bee

Ho Bee: Results were in line with our expectations. The divestment of ‘Hotel Windsor’ at 20% premium to book and block sale of ‘The Orange Grove’ came in as positive surprises. UOB Kay Hian maintain Buy with increased target price of $2.12 TP from $1.86. Upside catalysts include lease signups for ‘The Metropolis’ and pick up in sales for Sentosa projects. Ho Bee is trading at a very low P/B of 0.6x, a steep 33% discount to its long-term P/B of 0.9x.