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Far East Orchard Ltd. ( (SG:O10) ) has issued an update.
Far East Orchard’s UK-based student accommodation subsidiary, Homes for Students Limited, has received a Letter Before Action from an existing client alleging losses from a cyber-fraud incident and demanding about GBP4.74 million in compensation. The company notes that its IT systems are independent from the client’s and were not compromised, and HFS continues normal operations and services to the client.
Based on preliminary external legal advice, HFS believes it has grounds to successfully defend the allegations and intends to vigorously contest any claim that may be brought. However, the board cautions that if formal proceedings are commenced and the client succeeds for the full amount, the claim would adversely affect the group’s profitability, and advises shareholders and potential investors to exercise caution when dealing in the company’s securities.
The most recent analyst rating on (SG:O10) stock is a Hold with a S$1.50 price target. To see the full list of analyst forecasts on Far East Orchard Ltd. stock, see the SG:O10 Stock Forecast page.
More about Far East Orchard Ltd.
Far East Orchard Limited is a Singapore-incorporated company with a portfolio that includes purpose-built student accommodation operations in the United Kingdom through its subsidiary Homes for Students Limited. HFS manages and operates student housing assets, serving institutional and other clients in the UK higher education accommodation market.
Average Trading Volume: 116,372
Technical Sentiment Signal: Buy
Current Market Cap: S$638.2M
For an in-depth examination of O10 stock, go to TipRanks’ Overview page.