TEE Land

TEE Land: Voyage Research initiates coverage with an a $0.585 TP. House note that TEE Land has a track record in developing low rise private apartments in Singapore. With a robust pipeline of projects, the company’s earnings are set to grow in the next few years. The company has adopted three strategies to propel growth: (1) focusing on IRR of projects for faster capital recycling, (2) applying what they have learnt in Singapore to their overseas ventures, and (3) reducing reliance on Singapore and property development diversification. Estimate that TEE Land has at least $200m in project earnings which will be progressively recognized in the next few years as the projects are completed. House view the recent share purchases by the substantial shareholders and directors as an affirmation of TEE Land’s positive outlook.