Tuan Sing

Tuan Sing: Kim Eng Initiates Coverage with Buy rating and $0.63 TP. Tip grp as a diversified ppty grp offering immediate catalyst its underlying businesses. Add that redevelopment could unlock value of prime commercial buildings it owns in SG’s financial district and two 5 star hotels in Aus. A corporate restructuring will give GulTech, its associate, a much higher valuation than just 5.3x PER currently. Trading at only 0.7x book value, TSH is poised for a major re rating.