Based on its last closing price, the property developer is trading at a 61.2% discount to its revalued net asset value (RNAV) and 52% of its book value.
SINGAPORE (Nov 29): UOB Kay Hian is initiating coverage on Tuan Sing Holdings (TSH) with a “buy” recommendation and a target price of 71 cents – representing an upside of more than 70% to its closing price of 41.5 cents on Tuesday.
“Reputable developer TSH offers a unique opportunity to ride the property upcycle with an enviable $2.3 billion property portfolio, which includes prime Singapore freehold properties and key Australia hotel assets, at fire-sale prices,” says lead analyst Edison Chen in a report for retail investors on Wednesday.
