In a May 14 report, analyst Vijay Natarajan says he nonetheless remains positive on APAC Realty due to its strong new launch pipeline for this year and the next, with the group’s ERA Realty Network unit securing 30% project marketing roles for 2019 compared to a year ago.
SINGAPORE (May 29): RHB Research is reiterating its “buy” call on APAC Realty while lowering its target price on the stock to 67 cents from 72 cents previously after cutting FY19-21F earnings to account for reduced private resale volume assumptions.
This comes after the group posted a 71% drop in 1Q earnings to $1.7 million, which is well under the research house’s and consensus estimates due to lower transaction volumes resulting from the implementation of property cooling measures.
