Hatten Land Limited - Initiating coverage
Strong pipeline of projects justifies upside
Hatten Land shall commence trading on 28 February. Our report enhances the existing information set by incorporating estimates for upcoming projects that are pending acquisition. Currently, Hatten Land’s existing projects have a gross floor area of 9.8m sq. ft. and land pending acquisition of maximum gross floor area of 27.5m sq. ft. based on a sales and purchase agreement and a memorandum of understanding announced in February. Including these assets into our model, we yielded a RNAV of S$1.238 and a fair value of S$0.440 per share, thus representing upside of 57.1% from the compliance placement price of S$0.280.
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