Maybank initiates ‘buy’ coverage on Soon Hock with S$0.75 target
The real estate player’s profit is expected to surge, given its project pipeline
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[SINGAPORE] Maybank Research has initiated coverage on industrial real estate specialist Soon Hock Enterprise with a target price of S$0.75, citing strong visible earnings from its development pipeline and a strengthening manufacturing sector.
The target price represents a potential upside of about 20 per cent from the counter’s closing price of S$0.63 on Tuesday (Jan 13).
In a Tuesday report, analyst Toh Xuan Hao said the group’s net profit is forecast to accelerate at a three-year compound annual growth rate of 299 per cent between FY2024 and FY2027.
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