Keppel Land (KPLD) announced 3Q12 PATMI of S$74.5m, which was up 29% YoY mostly due to an increased contribution from Keppel REIT and a S$16.7m gain from a stake divestment in Saigon Centre Ph 2. This was mostly in line with our expectations, with 9MFY12 PATMI (S$311.1m) now constituting 83% of our annual forecast. KPLD sold ~120 Singapore homes in 3Q12 – keeping with the ~100 unit/quarter pace seen over 1H12 previously. In China, after a mild pickup last quarter (491 units sold), the pace of sales settled back in 3Q12 with ~290 units sold, mainly from the Springdale, Central Park City and The Botanica. We continue to see limited catalysts for the share price ahead given no major launches over the horizon and limited likelihood for the divestment of MBFC T3 in the near term. Maintain HOLD with a higher fair value estimate of S$3.49 (35% discount to RNAV), versus S$3.44 previously, mostly due to higher valuations of Keppel REIT.
3Q12 PATMI up 29% YoY
Keppel Land (KPLD) announced 3Q12 PATMI of S$74.5m, which was up 29% YoY mostly due to an increased contribution from Keppel REIT and a S$16.7m gain from a stake divestment in Saigon Centre Ph 2. This was mostly in line with our expectations, with 9MFY12 PATMI (S$311.1m) now constituting 83% of our annual forecast. 3Q12 revenue came in at S$166.4m, up 49% YoY mainly due to higher revenue recognition from the Luxurie and Lakefront Residences.
Land-banking continues in Singapore
KPLD sold ~120 Singapore homes in 3Q12 – keeping with the ~100 unit/quarter pace seen over 1H12 previously. Earlier this week, KPLD also put in a top bid of S$434.6m for a GLS site at New Upper Changi Road. The 99-year lease-hold site has an area of 343k sq ft with a maximum GFA of 549k sq ft, and we estimate breakeven and ASPs of around S$1,200 psf and S$1,300 psf, respectively. For the commercial segment, management updates that MBFC T3 is now 76% committed, with 60% of the building now occupied.
Pace of Chinese sales settling back
After a mild pickup in Chinese sales last quarter (491 units sold in 2Q12 versus 187 1Q12), the pace of sales settled back in 3Q12 with ~290 units sold, mainly from the Springdale, Central Park City and The Botanica. KPLD also recently acquired its fifth residential site in Chengdu, China for RMB 680.4m (S$132m). This site, located in Xinjin County in Sichuan province, has an area of 28.7 hectares and is ~20km away from the city center.
Maintain HOLD at higher S$3.49 fair value estimate
We continue to see limited catalysts for KPLD’s share price ahead given no major launches over the horizon and limited likelihood for the divestment of MBFC T3 in the near term. Maintain HOLD with a higher fair value estimate of S$3.49 (35% discount to RNAV), versus S$3.44 previously, mostly due to higher valuations of Keppel REIT.
Keppel Land (KPLD) announced 3Q12 PATMI of S$74.5m, which was up 29% YoY mostly due to an increased contribution from Keppel REIT and a S$16.7m gain from a stake divestment in Saigon Centre Ph 2. This was mostly in line with our expectations, with 9MFY12 PATMI (S$311.1m) now constituting 83% of our annual forecast. 3Q12 revenue came in at S$166.4m, up 49% YoY mainly due to higher revenue recognition from the Luxurie and Lakefront Residences.
Land-banking continues in Singapore
KPLD sold ~120 Singapore homes in 3Q12 – keeping with the ~100 unit/quarter pace seen over 1H12 previously. Earlier this week, KPLD also put in a top bid of S$434.6m for a GLS site at New Upper Changi Road. The 99-year lease-hold site has an area of 343k sq ft with a maximum GFA of 549k sq ft, and we estimate breakeven and ASPs of around S$1,200 psf and S$1,300 psf, respectively. For the commercial segment, management updates that MBFC T3 is now 76% committed, with 60% of the building now occupied.
Pace of Chinese sales settling back
After a mild pickup in Chinese sales last quarter (491 units sold in 2Q12 versus 187 1Q12), the pace of sales settled back in 3Q12 with ~290 units sold, mainly from the Springdale, Central Park City and The Botanica. KPLD also recently acquired its fifth residential site in Chengdu, China for RMB 680.4m (S$132m). This site, located in Xinjin County in Sichuan province, has an area of 28.7 hectares and is ~20km away from the city center.
Maintain HOLD at higher S$3.49 fair value estimate
We continue to see limited catalysts for KPLD’s share price ahead given no major launches over the horizon and limited likelihood for the divestment of MBFC T3 in the near term. Maintain HOLD with a higher fair value estimate of S$3.49 (35% discount to RNAV), versus S$3.44 previously, mostly due to higher valuations of Keppel REIT.
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