Onset of an upcycle?
- Margin compression should be fully reflected after consecutive years of sharp profitability deterioration
- Superior presales outlook both in absolute and relative terms, thanks to its decent liquidity position that is largely unaffected by turbulence in the property market
- Solid balance sheet to guarantee sustainable dividend yield of c.6%.
- Presales growth outlook – a key valuation driver – is now at an inflection point; Upgrade to BUY with TP of S$1.43