Keppel Land: Could see some interest, after Co. announced that it has received a positive tax ruling from IRAS, confirming that the gains from the proposed divested in MBFC 1 is capital in nature, and not subject to tax, resulting in a realized net gain of abt $394m vs initial $321…
Net effect of transaction would raise EPS of grp as at FY09 to $0.569 vs $0.242, and raise NTA/Share to $2.64 vs $2.36, leaving grp to trade at 1.8x P/B, while estimates have an RNAV of $5.25 for grp…
Technically, resistance likely at last week's $4.90 high, then $5.12, near 3-year high.
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