Keppel Land: 3Q10 results, in line with expectations. Net profit to sh/h came in at $70m, +10.7% yoy. Residential sales accounted for 70% of earnings, mainly due to higher contributions from Reflections and Caribbean at Keppel Bay, Marina Bay Suites and Marina Bay Residences in Singapore, as well as stronger than expected demand for The Arcadia, Villa Riveria, Springdale in China, in spite of policy concerns plaguing the China mkt…
Looking ahead, the asset swap deal with K-Reit is expected to contribute net gain of $321m in 4Q10. Next quarter will also see a strong launch pipeline, comprising the Lakeside plot in Singapore, Rivera Point in Vietna,mand possible launch of 8 Park Avenue and Seasons Park in China.
Street estimates for RNAV range btwn $5.00 - 5.20.
UOBK, Deutsche, KE all maintain Buys, with targets ranging btwn $5.00-5.60, pegged to btwn 1.0 - 1.1x Price/RNAV.
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