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Property - CIMB 7 September 2009
Race is on for GLS sites
Valuation and recommendation:
Triggering of GLS sites to provide positive newsflow. The general environment
for land-banking has improved considerably compared with the beginning of the year.
Funding spreads have begun to narrow while developers’ balance sheets have been
strengthened through recapitalisations. These, combined with significant
improvements in capital values in the physical market, have made land acquisitions
interesting again. At the right prices, we believe the trigger of GLS sites could provide
positive newsflow for developers.
We retain our Neutral position on the sector simply because of our negative view
on heavily weighted CapLand.
We maintain our positive view on specific residential players under coverage. CityDev
remains our top pick in the sector with Allgreen and Ho Bee remaining our small-mid favourites.
Heat is on for GLS sites in reserved list:
Developers motivated to land-bank again. Property sentiment is currently sky-high.
As property launches continue to sell out, we believe developers’ next step will be to
replenish land banks more aggressively. The motivation comes from depleting
inventories and falling construction costs. System inventory has fallen to 2006 levels
(about 35,000 units) with unsold inventories for purer developers under our coverage
substantially dwindling from a year ago. Our recent meetings with developers and
contractors also suggest that the magnitude of the decline in construction costs is
significant, over 25% down from the peak levels for all segments. Given that the
private en-bloc market is still rather unattractive, developers are likely to turn their
attention to Government Land Sale (GLS) sites currently in the reserved list.
Now the benefits are here.... share has been steadily going up and reach the next support level. Think the potential is $1.8
Ho Bee Q2 result is out. Profit increased by 200% but share price seem like not moving
Property counters over bought...i guess consolidating....after correction then buy again...next weet perhap...
Any advice/comments on Ho Bee?
No strength today...
Dun be to bright for next week bro. What goes up must come down....only our age wont. Next week consolidate and wait for national day rally!!!!
this counter is slow and steady...wont disappoint you if you have the patience to hold..i bought at 0.38..now still holding....
lost_soul ( Date: 24-Jul-2009 15:22) Posted:
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I bought at $1.00 ... Hope that this share does not disappoint me ... 
Cheong arrhh......
Up trend lor...lol....
Hope it will break $1 mark tomorrow....Hold on tight.....the bull is coming for this....
Analyst tgt 1.15...my target 1.08...
Lesson : Always "run" before the analyst tgt...:P
What are the underlying good news?
rever hammer on uptrend seems like gng downwards for awhile perhaps a correction.
About time to enter ..... profit taking at a very good timing....
The underlying sentiment is strong...
But first the weak hands need to be shaken out...
Buyer start pouring in....it is time
Top BUYs .... BY UOBKAYHIAN dated 20 July 2009
Angang Steel 347 HK 13.46 17.80 32.2
CNOOC 883 HK 9.78 13.85 41.6
Daphne Int’l 210 HK 4.26 6.40 50.2
Fushan Int’l 639 HK 4.75 8.00 68.4
City Developments CIT SP 9.38 12.05 28.5
DBS Group DBS SP 12.40 13.83 11.5
Ho Bee HOBEE SP 0.90 1.15 28.5
SPH SPH SP 3.38 3.90 15.4
PTT PTT TB 222.00 310.00 39.6
Quality Houses QH TB 1.54 2.16 40.3
Chance are good... as market sentiment building up now...
Go with the flow... don't be stubborn!...
A rising star to break $1 ...watch out... just like Allgreen...Analyst target 1.1+
not likely. sc is like a ounter stocks
SC went up so fast. Will Ho Bee follow suits?