Special dividend potential

Special dividend potential: Deutsche’s opinion. 1) KepLand – 38% div upside from FY14 forecast (Buy, TP$4.05), from proceeds of MBFC T3 sale 2) OUE (Buy, TP $2.64)– post OUE Bayfront spinoff to OUECT. 3) SIA (Sell, TP $8.80)– could pay but unlikely because of cautious business outlook. Nevertheless, B/S is healthy with net cash of $4.2b 4) SGX (Buy, TP $8.70)– net cash of $757m or 82% of net cash/equity. Still, could be unlikely due to heavy capex pipeline. In addition, last special div was in FY05.