SINGAPORE (Nov 24): OCBC Investment Research is maintaining its “buy” call on Wheelock Properties with an unchanged fair value estimate of S$2.27, given the stock is attractively priced at 0.74 times FY16 book.

This comes after Wheelock reported 3Q17 results that were broadly in line with the research house’s expectations, indicating a strengthening of the group’s balance sheet in spite of lower 9M17 revenues due to decreased sales at Ardmore Three and The Panorama.

In a Friday report, lead analyst Eli Lee highlights Wheelock’s net cash position as at end 3Q17, as well as healthy occupancy rates for both Scotts Square Retail and Wheelock Pace at 99% and 94%, respectively... (Click here to read the full story.)