Keppel Land

Keppel Land: Keppel Land is expanding its portfolio in Indonesia, with the acquisition of its second residential site in West Jakarta- a 4.6 hectare site for Rp381.9b ($40.2m). Group plans to develop a high-rise condominium (>4,000 units) with ancillary shophouses and shop units, and intends to launch the first phase of sales in 2017. Management highlighted that Indonesia remains one of Keppel Land's key growth markets (apart from Vietnam), where group intends to continue further strengthen its presence. Keppel Land has been growing its portfolio in Indonesia, counts Indonesia and Vietnam as its growth markets, with core markets being Singapore and China. At $3.50, Keppel Land is valued at a 36% discount to consensus RNAV of $5.48. Bloomberg consensus has 13 Buys, 6 Holds and 4 Sells on the counter, with 12-month average TP of $3.81.