Wednesday, April 20, 2011

Keppel Land

Keppel Land: Relatively in-lind results 1Q2011 rev at $357.9m +236.1%yoy +27.2%qoq with net profit at $92.1m +45.5%yoy -89.1%qoq. On a pretax basis and excld one-offs profit was down 8.2%qoq but was partly due to an accounting policy change of recognizing overseas dev projects on full completion basis vs progressively...

Increase in rev was attributed mainly to a gain of $253.1m in the property trading segment from Elita Promenade in Bangalore, and other Sg projects including the new launch of The Lakefront Residences in Nov 2010, Madison and Reflections…

Co also recorded a one-off gain of $24.4m in the divestment of Keppel Digihub.
Further developments include Sengkang MRT site (622 units) due later this yr. Overseas rev also constituted 61.7% of total rev and co expects to launch over 4000 units in China this year…

On the office front, Ocean Financial Sector has increased pre-commitment to 82.3% as at end-Mar 2011 and together with new acquisitions in Prudential Towers and Capital Square could possibly lead to more divestment opportunities to K-REIT over nxt 12-24 mths. Highlights that both Sg and China sales were weaker in seasonally slower 1Q and likely due to policy tightening measures. 1Q EPS at 6.3c and NAV was at $2.91. Co trades approx 1.5x P/B…

UBS maintains Buy with TP$5.08. Nomura maintains Buy with TP$5.56. DB maintains Buy TP$.5.08. JPM maintains Neutral with TP$4.70. MS maintain Equalweight with TP$4.63. CS maintains Neutral with TP$5.04. GS maintains Neutral with TP$4.90.

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