Keppel Land

Keppel Land: CEO Kevin Wong to step down after 13 yrs at the helm to pursue personal interests at end of this yr. Mr Ang Wee Gee, Executive Chairman of Keppel Land China and Executive Director of Keppel Land International, will take over the CEO role. Mr. Ang joined KPLD in 1991 and has led the co’s int’l business for the past 14 years, having been appointed the General Manager for Regional Investments in 1999. During this period, the representation of overseas assets on KPLD’s balance sheet grew from 19% in 2000 to 45% in 2011, and earnings contribution from overseas operations grew from 5% to 35% over the same period. Therefore, Nomura expects the co’s strategy to remain consistent even after the change in leadership at the end of this year. Sees no fundamental change to its view, maintains Buy with TP $4.90.