In today’s briefing:
- SG RE Developers: The Physical Market Recovery, Improved Capital Recycling, & Valuation Dislocation
- Ohayo Japan | Rate Cuts Back on the Table
SG RE Developers: The Physical Market Recovery, Improved Capital Recycling, & Valuation Dislocation
- We think Singapore developers is at a sweet spot on the back of market recovery, stronger capital management and attractive valuation
- Residential and office market are seeing solid recovery, on the back of steep rate decline. Accelerated M&As and buyback programs will further unlock value to shareholders
- Sector is trading at 0.64x PB and 55% discount to RNAV, assuming mean version, this implies 72% and 60% upside to historical mean of 1.1x and 28% respectively
Ohayo Japan | Rate Cuts Back on the Table
- U.S. stocks, including rate-sensitive names like Home Depot and D.R. Horton, rose Friday, driven by a Fed official’s comments signalling a potential rate cut.
- Japan’s Parliament approved a JPY 21.3 trillion stimulus package, the largest since the pandemic, but the resulting JPY 17.7 trillion supplementary budget raises fiscal sustainability concerns.
- Japanese markets closed for Labour Thanksgiving Day. US closed for Thanksgiving on Thursday
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
