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Why DBS remains cautious on Chip Eng Seng despite Kampong Java site win

timothy.tay@edgeprop.sg

SINGAPORE (Jan 17): DBS Group Research is forecasting property transaction volumes to fall 20% y-o-y to 7,500-8,500 units in 2019, and says it is possible for the property price index (PPI) to decline by up to 3% this year, and even further, should macro conditions worsen.

The research house currently has a “hold” call on developer Chip Eng Seng (CES) with a target price of 75 cents, which has yet to factor in the group’s ongoing acquisition of a land parcel at Kampong Java.

CapitaLand and Frasers Property, on the other hand, are its top sector “buy” picks with the respective target prices of $3.62 and $1.98.

Read more on The Edge Singapore.

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