Blominvest issued a BUY recommendation on Solidere shares, with a target price of USD11.68 and an upside potential of 22.18%, based on estimated sales for 2016 of $290million and estimated profits of $131million. Barring any cancellations during the course of the final quarter of 2016, and if the transactions lying in the pipeline materialize, Solidere may be set to achieve the best results since 2011.
According to Solidere’s H1 financials released last week, Solidere recognized $164.7M in total revenues. The majority of these revenues originated from the recognition of the sale of 40,000 sqm in BUA during the period, totaling $128.90M. Also in H1 2016, rental revenues displayed a steady performance, grossing $27.94M and contributing to Solidere’s H1 2016 net income of $72.10M, compared to a $28.71M loss by June 2015.
For the full report: Solidere H1 2016