They cite a “solid recurring income base backed by quality office assets from gateway cities” in London and Singapore. Recurring earnings from investment properties - across the UK (52%), Singapore (42%) and Australia (2%) - made up 99% of 2019 gross profit, underpinned by the long weighted average lease to expiry (WALE) of five years in the UK and two to three years in Singapore.
UOB Kay Hian’s Loke Peihao and Nicola Ho have re-initiated coverage of Ho Bee Land with a “buy” rating and a target price of $3.32.
See also: CGS-CIMB raises Ho Bee Land TP to $2.70 after $250 mil investments
