Keppel Land

Keppel Land: BoAML reinstates Buy with TP $3.94 at 25% discount to FY15E RNAV. Keppel Land could be a potential lagged proxy to recovery in China residential market, but with stronger balance sheets and lower risks compared to its domestic peers. Valuations are attractive against peers and on historical basis, limiting downside. Dividends may surprise if MBFC3 is sold, which could be a catalyst for the stock.