Cap seen for any upside in property stocks

Singapore

EVEN as a residential price recovery looks imminent to many analysts who have an "overweight" view on the sector, some are seeing limited growth headroom for developers' share prices.

Most developer stocks, especially the large-caps, have priced in the looming recovery, they say. But a more bullish report from Daiwa Capital Markets on Thursday noted that the valuations of developers with meaningful landbank are still undemanding ahead of the residential market recovery.