Keppel Land: CIMB has technical buy call. Cites that stock appears to be forming a minor consolidation triangle, and pattern is viewed as positive since run prior to formation of triangle was up, with prices still sitting above key MAs. Expect indicators to turn upwards soon once minor pullback leg is over….
Breakout above triangle resistance at $4.16 would send prices shooting to the $4.44-4.50 levels. Recommends buying on any pullback with stop loss at $3.94….
We note that KLand currently trades at P/B 1.6X & 18.9X FY10 PE. According to data by DTZ research this morning, office investment deals more than quadrupled QoQ to $1.7b, with more sales envisaged in next few mths. News could spell better outlook for grp which has a strong foothold in the ‘Super Grade A office’ segment in SG (43% of grp’s portfolio comprises of SG office).
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