Maybank initiates ‘buy’ coverage on Soon Hock with S$0.75 target

[SINGAPORE] Maybank Research has initiated coverage on industrial real estate specialist Soon Hock Enterprise with a target price of S$0.75, citing strong visible earnings from its development pipeline and a strengthening manufacturing sector.

The target price represents a potential upside of about 20 per cent from the counter’s closing price of S$0.63 on Tuesday (Jan 13).

Net profit of the group is forecast to accelerate at a three-year compound annual growth rate of 299 per cent between FY2024 and FY2027, said analyst Toh Xuan Hao in a report released on Tuesday.