Singapore and emerging market real estate

Royston Foo

Equity Capital Markets

<p>SLB Development Ltd, the property arm of SGX-listed Lian Beng Group, is seeking to list on SGX Catalist Board at a premium valuation of 1.46 times its NAV and 0.75 times its RNAV. Whilst SLBD offers attractive investment proposition through its exposure to diversified property segments in Singapore with a strong launch pipeline, it needs to demonstrate its ability to grow on its own without being over-reliant on other property developers and deepen its management depth. SLBD appears fully-valued and investors may find more upside potential in investing other undervalued property developers. For exposure to SLBD, Lian Beng Group may offer a better risk-reward proposition.</p>

SLB Development Ltd, the property arm of SGX-listed Lian Beng Group, is seeking to list on SGX Catalist Board at a premium valuation of 1.46 times its NAV and 0.75 times its RNAV. Whilst SLBD offers attractive investment proposition through its exposure to diversified property segments in Singapore with a strong launch pipeline, it needs to demonstrate its ability to grow on its own without being over-reliant on other property developers and deepen its management depth. SLBD appears fully-valued and investors may find more upside potential in investing other undervalued property developers. For exposure to SLBD, Lian Beng Group may offer a better risk-reward proposition.

SLB Development Ltd – Tough Justification for Premium IPO Valuation

Singapore

SLB Development Ltd. operates as a property development company. The Company develops industrial, commercial, and retail properties.

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SLB Development (SLB SP)

SLB Development Ltd – Tough Justification for Premium IPO Valuation

SLB Development Ltd, the property arm of SGX-listed Lian Beng Group, is seeking to list on SGX Catalist Board at a premium valuation of 1.46 times...

Royston Foo

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52-week Range

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