Keppel land

Keppel land: Macquarie maintains O/p, TP $3.99, patience pays off. Note that near-term earnings are secured, underpinned by recognition of Singapore projects (progressively) and overseas (on completion). MBFC Tower 3 could be monetised, which may result in a special dividend. attractive 37% discount to RNAV offers valuation support and rhere is a potential 17.4% upside to TP, backed by a decent yield of 3.6%. This yield could increase if Keppel Land divests MBFC Tower 3 and pays a special dividend.