Ho Bee: FY14 revenue came slightly below PhillipCapital's expectation. Top-line was down 28.5% to $99.6m from no residential sales, partially mitigated by rental income which had nearly tripled.
House reckons Ho Bee's rental income strategy would pay off in FY15, which is estimated to grow by 40% in FY15 with the full contribution from Metropolis and the London properties.
With share price currently trading at 0.52x P/B, house maintains Accumulate with TP of $2.35.
No comments:
Post a Comment