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Property stocks seems to be in flavor. Any insights on Wheelock from members here? Put some money on this recently and still to see it move. Currently oversold as indicated by Williams.
Definitely on an uptrend now but volumes for this counter not very healthy.
It extended its gains because the company is in a position to benefit from the boom in the hotel industry here, dealers said.
Wheelock Properties has a 20.97% stake in Hotel Properties Ltd, which owns prime assets in the Orchard Road area here, including hotels such as the Hilton and Four Seasons.
KE has started covering HPL with a target price of $3.05 because it considers the stock undervalued, given the company's portfolio of hotels and investment properties.
Wheelock on uptrend now!
DBSV said it has raised its target price to 2.01 sgd from 1.83 after factoring in the higher average selling price of the recently-launched residential project, Ardmore II.
"Ardmore II was launched at an average selling price of $2,300 per square foot, which is higher than our earlier assumption of $1,900 psf," DBSV analyst Zy Sew Ho said in on a note to clients.
DBSV also included Wheelock's recent purchase of 3 Ardmore Park, formerly known as Habitat One, in deriving a higher target price for the property developer.
The brokerage said it continues to see upside for Wheelock given its huge landbank of high-end residential assets which have yet to be launched.
Excluding Ardmore II, Wheelock has a residential landbank in the high-end segment with a gross floor area of 549,879 square feet that has yet to be launched, the brokerage said.