Ho Bee Land - RHB Invest 2015-12-02: Fortune Favours The Brave

HO BEE LAND LIMITED H13.SI 

Ho Bee Land (HOBEE SP) - Fortune Favours The Brave 

• We like Ho Bee for the steady execution of its strategy to grow recurring income. 
• BUY with a SGD2.57 TP (29% upside). 
• The group has now built up a steady rental income of c.SGD130m, and would benefit from a recovery in the high-end residential market via its remaining inventory in Sentosa. 
• Management remains on the lookout to landbank opportunistically in Singapore, and has a strong balance sheet to expand with net gearing at 0.5x. 

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