• 4% YoY growth in 3Q20 gross profit largely attributable to 246% YoY growth in property development revenue. 9M20 PATMI up 33.4% YoY
• Unrecognised development revenue of S$599mn. S$1.93bn of gross development value (GDV) for unlocking, equivalent to six years of sales.
• Enlarged share base from 1:4 bonus issue. Maintain BUY with revised target price of S$1.56, from S$1.65 previously; Valuation is based on a 90% diluted basis (previously 100%)

Alibaba’s payments arm, Ant Group/Financial has filed for IPO in both Hong Kong and Shanghai to issue at least 10% in new shares of its total capital. It is likely to be the largest in global financial history. Over 1.3 billion users worldwide The predecessor of the Ant Group is Ant Financial and its flagship product Alipay is a ubiquitous super app with more than 1.3 billion global users. In addition, Ant Group's products involve money market fund Yu'e Bao, Sesame Credit,...
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Report type: Weekly Strategy “The Political Market and Value Investing Are Factors for Supporting Japanese Stocks” In the 31st August 2020 issue of our weekly report (Focus on the COVID-19 Catastrophe Shifting to Nursing Care and the Start of the Political Market), 11/9 was an SQ day involving futures and options transactions of the Nikkei average, and we mentioned the need to be careful of the increase in stock price volatility in the 2 weeks leading up to it. Even...
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