GuocoLand's Strong Property Sales Should Offer Earnings Visibility
Dow Jones
Sep 01
0646 GMT - GuocoLand's strong sales momentum across its development projects should offer earnings visibility and reflect the strength of its core Singapore operations, says DBS Group Research's Tabitha Foo in a note. The Singapore property company's launches this year showed strong take-up and are nearly fully sold as of end-June, she says. Most of the earnings from these projects haven't been recognized yet, the analyst adds, estimating potential residential revenue at more than 3 billion Singapore dollars. She expects the progressive recognition of these projects to provide a visible, multiyear earnings runway. DBS raises its target price to S$3.40 from S$3.30 and maintains a buy rating. Shares rise 0.45% to S$2.22.
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