Guocoland

Guocoland: UOB Kay Hian upgrades to Buy with raised TP of $2.48, as the house factor in the RNAV accretion (34 cents/share) from the Beijing Dongzhimen project post the resolution of a long-drawn litigation. View this as a key achievement under the new leadership. Management focus remains on execution as they expect a tough operating environment. GuocoLand is trading at a deep 35% discount to its RNAV of $3.30/share.