Keppel Land

Keppel Land: StanChart expects new commercial assets in SG, Beijing, and Shanghai to make up 15% of RNAV by 2017, while KREIT makes up another 15%. Meanwhile KepLand is expected to sell stabilized assets and recycle capital into new commercial developemnts. StanChart maintains in line, with TP of $3.87, but highlights its commercial portfolio as a key differentiator from its peers.