Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-CIMB upgrades Ho Bee to neutral

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STOCKS NEWS SINGAPORE-CIMB upgrades Ho Bee to neutral Jul 5th 2012, 01:54 Wed Jul 4, 2012 9:54pm EDT CIMB Research upgraded property developer Ho Bee Investment Ltd to neutral from underperform, citing attractive valuations as it trades at 0.5 times its book value, below its historical average of 0.9 times. By 0142 GMT, Ho Bee shares were 0.8 percent higher at S$1.245, and have surged 21.5 percent so far this year, compared with the FT ST Mid Cap Index's 17 percent gain. However, the brokerage cut its target price for Ho Bee to S$1.20 from S$1.28, citing slow sales of new units at its high-end property in Sentosa Cove, Singapore. "We expect the sale of new units to remain slow as foreigners stay out of the market post-implementation of the additional buyers' stamp duty," said CIMB in a report. It added that Ho Bee's shares could see a re-rating if sales of its China projects are stronger-than-expected.

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