Equity Analysis /

SG : APAC Realty Ltd - Mandatory general offer at S$0.57/share

    Munyee Lock
    Munyee Lock

    Head of Regional Property

    27 April 2022
    Published byCGS-CIMB

    NHPEA to acquire 59.8% of APAC; makes mandatory general offer for remaining shares at $0.57/share. Offer price appears low, at 7-8x FY22F P/E multiple, vs. comparable peers. Reiterate Add rating with an unchanged TP of S$0.93.