Keppel Land

Keppel Land trading unchanged after it established a US$3b multicurrency medium-term note program. Net proceeds from notes will be used to refinance debt for general corporate purposes or acquisition opportunities. OCBC notes KepLand's net gearing was a healthy 21%, as of end-Sep. Adds this program will enhance financial flexibility to its balance sheet, particularly as the group continues to look into allocating capital into accretive land acquisitions. But it sees limited catalysts for the stock given limited visibility for major launches and the MBFC Tower 3 divestment. House keeps a Hold call with a $3.49 fair value, set at a 35% RNAV discount.