Developers to be picky with bidding

This as they are said to replenish their much-depleted landholdings.

A report from DBS Vickers said it would adopt a bottom-up stock picking strategy and prefer companies with a diversified business model and strong balance sheet capacity to acquire sites selectively.

DBS Vickers also noted:

We expect developers to be selective in their land bidding activities and bid prices going forward as they replenish their much-depleted landholdings and in view of the capped price upside. In terms of valuations, the sector is trading at a 29% discount to RNAV, which is slightly below the –0.5SD to mean level. At this point we believe much of the headwinds appear to have been factored in but near term catalysts are lacking and stocks could trade range bound.

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