Ho Bee's stable recurring income and undervalued luxury properties keep it at 'buy'

SINGAPORE (Mar 5): Phillip Capital is maintaining its “accumulate” call on Ho Bee Land with a target price of $2.98.

This comes on the back of the group announcing on Feb 28 that its 4Q earnings have dropped by 20.9% y-o-y to $102.4 million, while FY17 earnings were 15% higher y-o-y at $249.3 million.