This property stock remains a good proxy to the residential upcycle

SINGAPORE (Nov 10): Phillip Capital is maintaining its “buy” call on Chip Eng Seng while raising its target price to $1.21 after incorporating the construction business as well as a narrower discount to RNAV to 40% from 50%, in view of the current upcycle in the property market.

This comes after the property and construction group last week reported a more-than-doubling of 3Q17 earnings to $14 million, on the back of higher revenue driven by three of its Singapore residential projects including recognition of revenue from Grandeur Park and Fulcrum.