SingHaiyi: FY15 results were largely in line. RHB maintains BUY with a lower TP of $0.18 (from $0.19.
SingHaiyi has 30% RNAV exposure to the US. With rising US property prices and a stronger USD vis-à-vis SGD, the risk is skewed to the upside for SingHaiyi. In the near term, RHB expects another offshore acquisition and a potential special dividend next quarter, following TOP and income recognition of its Pasir Ris One DBSS project.
With persistent headwinds confronting the domestic front, house is eager to see more acquisitions in the US and other regions that may strengthen its earnings.
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