DMG & Partners Research in a Mar 20 research report says: "Hiap Hoe reported another consecutive year of record earnings for FY2011, with net profit of $47.4 million (+37% y-o-y).

"Over the next two years, earnings will be underpinned by progressive profit recognition from its substantially pre-sold projects, Waterscape at Cavenagh and Skyline 360°. At Zhongshan Park (Balestier Road), its hotel-cum-commercial development is progressing ahead of schedule and will provide a source of recurring income when completed in 2013/2014.

"We continue to like the stock for its earnings visibility, disciplined management and undemanding valuation. Our target price of 61 cents is based on 50% discount to its RNAV. MAINTAIN BUY."