Keppel Land

Keppel Land: Maybank-KE reiterating its BUY Call on KepLand with a TP of $4.60. The counter has dropped 13.3% since October after it announced its 3Q13 results. At 0.76x P/BV and 0.51x P/RNAV, valuations are very attractive, especially if part of its RNAV can be realised by the potential sale of MBFC Tower 3 (valued at ~$1.1b). House also remains sanguine that KepLand can maintain its residential sales momentum in China even if home sales in Singapore get more challenging in 2014.