Tuan Sing: the property developer is back in the spotlight, following Business Times’ feature today and yday.
BT quotes analyst, says the stock price should continue upwards, but it depends if they can achieve good selling prices at the time of sales launch, and if the co continues to be active in the market and generate more positive news flow…
Recall, trading interest was sparked by Tuan Sing's success with 2 property acquisitions in Spore: $99.1m for Serene House and $123m for a land parcel, both of which will be developed into housing projects. The co is also deemed a beneficiary of the growing interest in Spore's office market, as it owns 2 properties in the CBD. Stock viewed as an undervalued play at 0.64x P/B, vs other smaller developers which generally trade at 0.8-1x P/B +5.2% at $0.305, pulling back slightly after earlier making new 2-yr high at $0.315. Possible break out candidate, especially if it closes above the critical $0.3 resistance level. Yday’s gap up, and long white candle on strong volume bodes well for the near term technical outlook. Next resistance levels at $0.35, then $0.40.
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