Property: CLSA remains Underweight on the SG residential property sector, notin that ‘policy risk is here to stay.’ Add that although recent launches have shown signs of moderation, still see encouraging sales. This makes house stay cautious on the possibility of another round of cooling measures…..
Hence, prefer developers who have higher exposure to more resilient segments, i.e. office, hospitality and retail. House likes Keppel Land (rated Buy with $5.25 TP, F&N, rated Outperform at $6.95 TP and CapitaLand, Outperform at $4.77TP.
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