SINGAPORE (Aug 16): Maybank Kim Eng is maintaining its “hold” recommendation for Ho Bee Land with an unchanged target price of $2.28 as its 2Q16 results offered little surprise and there are no clear catalysts for the stock despite its current low valuations.

Analyst Derrick Heng says he had already expected the group’s sales to increase from the recognition of profits from its development projects in Australia.

Heng also notes that the group is not under pressure to sell its Sentosa projects as they are “not subjected to [the] Qualifying Certificate deadline”. Furthermore, the current weak sentiment in Singapore home sales also makes it difficult for the group to “extract capital deployed into these projects”.

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