Keppel Land: DMG upgrades KepLand to Buy from Neutral, lifts target price to $4.60 from $3.86 to reflect improved valuations for developer's S’pore office properties. Expects company to continue to benefit from progressive take-up of new offices, with rising demand for its Marina Bay Financial Centre, Ocean Financial Centre supporting share price. Notes office leasing momentum has been picking up since 4Q09 as companies plan for expansion.
KepLand’s township projects in China should still generate strong sales despite Beijing's measures to cool property market, as buyers tend to be non-speculative genuine home-occupiers.
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