Keppel Land: CIMB and OCBC maintain Buy call, with CIMB’s TP at $5.13. Highlight that on-year decline in rev and net-profit due to completion of major Singapore residential project in 2009. Note that coming quarter likely to see strong sales in resilient mass-mid tier homes in China. With 39% of GAV still in prime office assets, grp should remain a key beneficiary of asset re-pricing in the sector…….
Adds that MBFC sale and further accretive re-investments likely to drive share price in the near-mid term, and grp is currently trading at 21% discount to RNAV. Any pull back would represent a good opportunity to accumulate. Similarly Kim Eng has Buy Call with $5.60 TP.
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