The report comes after Roxy on Tuesday reported a 57% fall in 2Q18 earnings to $6.4 million on the back of lower property development revenue.
SINGAPORE (Aug 1): DBS Group Research is keeping its “fully valued” rating on Roxy-Pacific Holdings with an unchanged target price of 40 cents. Based on a 55% discount to RNAV, this implies a 9% downside from Roxy’s closing price of 44 cents on Tuesday.
“We believe the surprise move by the authorities in hiking ABSD rates and tightening mortgages (just over a year after the authorities relaxed the policy measures) will hit buyer sentiment significantly,” says lead analyst Rachel Tan in a Wednesday report.
