Sing Land

Sing Land: DBSV upgrades to Buy with $9.53 TP. Note that increasing accumulation of Singland shares by its major shareholder, UIC, in recent months, renewed investor interest and realization of the deep embedded value in the co has prompted house to take a deep-dive look at Singland. Believe Singland has significant hidden value through its 53.06% stake in unlisted Marina Centre Holdings (MCH), in addition to its large portfolio of 2.1msf of directlyowned centrally located and suburban office space. The group has also increased its landbank and now has 788,364sf residential GFA in SG, to be developed over the next few yrs. House anticipate these growth engines to continue to be ramped up in the coming years. Add that share price is currently trading at a 32% discount to book NAV and 38% below our RNAV estimate. Believe the stock continues to offer good value backed by a portfolio of quality assets. Furthermore, with a lowly geared balance sheet and strong recurrent cashflow from leasing activities, Singland is in a good position to maintain a reasonable dividend yield, currently at 2.4%. The risk to view for a potential closing of price gap to RNAV is if the major shareholder does not raise its stake further or if there is no recognition of the underlying value of MCH given its unlisted status.