SingHaiyi

SingHaiyi: UOB Kay Hian initiated coverage with a BUY rating and a $0.24 TP, implying an upside of 36% from yesterday's close. House cited that SingHaiyi creates shareholder value through its established network in the US with Neil Bush as its non-executive Chairman. The company has invested into three undervalued US assets at a steep discount to their market value, with an aim of reviving these properties through proper redevelopment. Near term revenue will be underpin by its four residential developments in Singapore, of which two are fully sold. To maintain its recurring earnings, SingHaiyi had recently acquired a 20% stake in TripleOne Somerset, with plans for asset enhancement, for rental income.