Keppel Land / K-REIT

Keppel Land / K-REIT: Nomura reiterates Buy call on Keppel Land, with higher TP of $4.75 from $4.11. Notes arbitrage valuation gap of $0.26/sh in KPLD, as KPLD’s current share price implies just $2,300 psf for MBFC III and K-Reit valuation of $1.12/unit, vs K-Reit’s current unit price of $1.345 and implied avg value of >$2,500 psf for its newer international Grade A office buildings.