Singapore Stock Market News
Keppel Land - Strong sales in China
StockFanatic
Publish date: Thu, 18 Jul 2013, 11:15 AM
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KepLand's 2Q13 sales in China remained firm in terms of volume and
pricing. Leasing at MBFC3 inched up to c.90%, which we believe makes
the asset ready for recycling. KepLand's balance sheet is robust and it
aims to allocate more capital to commercial properties in the region.
2Q13 core EPS formed 23% of our
FY13 estimate and 24% of consensus,
with 1H13 net profit at 42%. We deem
this in line as more China project
completions are expected in 2H. We
tweak our FY13 EPS estimate up by
0.9% but raise FY14-15 EPS by 6-16%
for higher China ASPs. Our target
price (20% discount to RNAV) is thus
raised. We maintain our Outperform
call with strong China sales and more
asset recycling as rerating catalysts.
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