Singapore Land: Mgt still cautious on office and residential segments, following recent meeting. Despite negative rental reversions, occupancies have strengthened at office assets. House sense the intention for site acquisitions, but persistently high bids remain a setback.
Adjust EPS by +12/-2% on development recognition and higher ASPs for Chengdu project. Factoring in narrower cap rates for office assets raises RNAV and target price (still at 45% discount to RNAV). Maintain Neutral, target price $6.12, stronger-than-expected office data points as re-rating catalyst
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