Accumulate GuocoLand on stock price weakness, says Maybank Kim Eng

SINGAPORE (Dec 7): Maybank Kim Eng is maintaining its “buy” call on GuocoLand with a higher target price of $2.95.

The research house is recommending investors scoop up shares of the property group after they fell by 12% in the past month, underperforming the Developers Index (FSTREH), which fell by 4%.

However, the correction is at odds with stronger data points that have emerged such as stronger-than-expected pace of sales at Martin Modern, strong land bid for Jiak Kim site and Wallich Residence reaching $4,000 psf.

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