New project launches to benefit developer stocks as cyclical upturn continues

SINGAPORE (Jan 16): Maybank Kim Eng remains “positive” on Singapore’s property sector while flagging UOL and City Developments (CDL) as the best large-cap proxies as the market continues its cyclical upturn.

These top picks have been rated “buy” at target prices of $9.85 and $13.80, representing a respective 15% and 6% discount to RNAV and price-to-book value ratios of 0.85 and 1.26 times.

In a Monday report, analyst Derrick Heng says he sees more upside in 2018 as households displaced in the en bloc process seek out replacement households.

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