Broker: DBS Bank
Date of Report: 1Q26 (Inferred from context)
Excerpt from DBS Bank report.
Report Summary
- Key Actionable Calls:
- BUY UOL (Target Price: SGD 13.00) – Upcoming launch of Thomson View site in 2H26.
- BUY GuocoLand (Target Price: SGD 3.30) – Preview of Tengah Gardens Residences in 2Q26; strong sell-through can be a catalyst.
- BUY City Developments Limited (CDL) (Target Price: SGD 12.00) – Pipeline of two executive condominium projects launching end-2026/early-2027; expected to be well-received.
- HOLD PropNex (Target Price: SGD 2.00) – Valuations attractive but earnings likely peaked; wait for clearer catalysts.
- HOLD APAC Realty (Target Price: SGD 0.70) – Similar view as PropNex with subdued sales outlook.
- Most Important Idea: Prefer developers with visible and targeted launch pipelines for 2026 as they are positioned for outperformance. Agency stocks are trading at attractive valuations but lack earnings catalysts for near-term re-rating.
- Highlights: 1Q26 property prices largely flat, with private home prices up +0.3% q/q and HDB resale down -0.1% q/q. Transaction volumes are softer but expected to pick up in seasonally stronger quarters.
- Implications: Investors should focus on developers with robust project pipelines (UOL, GuocoLand, CDL) as they offer better upside potential compared to agency stocks, which face a period of flat earnings growth.
above is an excerpt from a report by DBS Bank. Clients of DBS Bank can be the first to access the full report from the DBS Bank website : https://www.dbs.com.sg
