Keppel Land - Sells MBFC Tower 3 | I3investor

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Keppel Land - Sells MBFC Tower 3

StockFanatic

Publish date: Fri, 19 Sep 2014, 09:55 PM

Keppel Land's sale of MBFC 3 is positive, locking in a divestment gain of S$95.5m and boosting its RNAV by 3 Scts to S$4.76. Post sale, its balance sheet has strengthened with gearing at a low 29.1% and enabling the group to recycle capital into other commercial projects and residential development projects in its core markets in Singapore and overseas, while a larger stake in K-REIT would enable it to recognise more rental income and participate in the longer-term capital appreciation of the portfolio.

However, with a limited upside to our slightly higher RNAV-based target price of S$3.57, we maintain our Hold call.

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