Friday 29 Mar 2024
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SINGAPORE (Nov 14): CIMB is maintaining its “add” call on Aspen (Group) Holdings with an unchanged target price of 29 Singapore cents, based on a 45% discount to RNAV of 53 Singapore cents after leaving FY17-19F earnings estimates unchanged.

In a Monday report, analyst Lock Mun Yee says she continues to like the property developer for its robust balance sheet and a net cash position of RM92 million (S$29.9 million), which puts Aspen on a strong footing to acquire more development land for growth.

Noting a significant jump in its latest set of 3Q results, Lock highlights how the group’s ongoing projects, such as Aspen Vision City (AVC) and Vervea have been experiencing better take-up rates, with the addition of Beacon Executive Suites and Tri Pinnacle’s take-up rates translating to RM1.015 billion worth of unbilled pre-sales as at end-3Q17... (Click here to read the full story.)

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