(Initiating Coverage)
Last Traded Price ( 9 Jun 2021): S$2.67 (STI : 3,153.47)
Price Target 12-mth: S$3.80 (42% upside)

Potential Catalyst: Acquisitions of investment properties or additions
to land bank

Dale LAI +65 66823715
Derek TAN +65 6682 3716

Diamond in the rough
• Investment properties valued at more than S$4.6bn is well positioned for the new economy
• Recurring rental income stream ensures stable dividends, akin to REITs
• Possible corporate actions could be a significant share price catalyst
• Initiating with BUY and TP of S$3.80