Initiate coverage with Buy and S$1.95 target price. Although Broadway is in line with industry valuations, we see more upside compared to its peers. We pegged our fair value on 9x FY10 PER, which in line with market valuation given for the industry. Our conservative 25-30% dividend payout ratio projection also implies reasonable yields of 5% for year 2010 to 2012. Given the 60% upside potential, we initiate coverage with a Buy.