Property: OCBC notes that developers have spent $242m in 3Q15 to repurchase their shares; this is the highest quarterly figure seen since 2013 and more than eight times the previous high in 4Q13.
The house notes GLP begun repurchasing its shares on 3 Aug 2015 and have since went into the market 35 times to purchase approximately 96m shares worth S$213m, and thinks it is a good use of capital given its current 34% discount to RNAV and 15% discount to book.
Meanwhile, Wing Tai has entered four times to repurchase $1m of shares, and the house sees solid long term value in current share price at 58% discount to book and 57% discount to RNAV
The house has Buys on GLP (TP $3.07) and Wing Tai (TP: $2.58)
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