Maybank Kim Eng Research, Oct 17
WE reiterate our BUY call and TP of S$4.80 on Keppel Land (KepLand), which managed to sustain its China residential sales momentum in Q3-13, selling a further 1,130 homes valued at 1.5 billion yuan. The 3,070 units sold YTD were treble that in the same period last year, justifying our optimism about its China business.
In Singapore, The Glades saw a take-up rate of 45 per cent from the 200 units launched, achieving a median price of S$1,518 per square foot, in line with our expectations.
KepLand will recycle some capital with the divestment of its 51 per cent stake in Jakarta Garden City, which is expected to lead to a divestment gain of S$152 million in Q4-13.
We believe the divestment of Marina Bay Financial Centre Tower 3 remains a possibility in FY14, which should result in more generous dividends next year.
BUY
No comments:
Post a Comment