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Equity Bottom-Up

Wheelock Properties (S) / Equity Bottom-Up

<p>Wheelock Properties has always been targeted by the investment community as one of the top candidates for privatisation. Discussion on opportunities to unlock value in Wheelock Properties are not something new and market has always noticed the value in the company. Timing might be right to revisit this company as recent market developments, company’s circumstances and outlook have made the current situation more conducive than before for Wheelock and Company to unlock the value in Wheelock Properties. My fair value estimate for Wheelock Properties is S$2.66 per share, which is pegged to its RNAV at parity. Implied upside potential is attractive at 59%. Stable dividend payout and yield of 3.6% will provide good support to the share price at current level.</p>

Wheelock Properties has always been targeted by the investment community as one of the top candidates for privatisation. Discussion on opportunities to unlock value in Wheelock Properties are not something new and market has always noticed the value in the company. Timing might be right to revisit this company as recent market developments, company’s circumstances and outlook have made the current situation more conducive than before for Wheelock and Company to unlock the value in Wheelock Properties. My fair value estimate for Wheelock Properties is S$2.66 per share, which is pegged to its RNAV at parity. Implied upside potential is attractive at 59%. Stable dividend payout and yield of 3.6% will provide good support to the share price at current level.

Wheelock Properties – Deep Value to Be Unlocked but the Question Is…when?