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Tuesday, June 25, 2013

Phillip starts Amara Holdings at Buy, $0.74 target


PhillipCapital starts Amara Holdings (A34.SG) at Buy with a $0.74 target.

While Amara has a hotel, luxury hotel, retail podium, and office tower in Singapore, the house notes that growth is coming from substantial overseas developments.

It tips Amara has a "visible growth profile from a pipeline of assets under development," including Amara Bangkok and Amara Signature, Shanghai.

It also tips a potential catalyst in a memorandum of understanding to develop a hotel in Yangon, Myanmar. The house notes that shares currently trade at an over 50% discount to its RNAV, "representing a value opportunity."

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