Kepland: JP Morgan maintains Neutral with TP $2.85. Note that stock price is likely to be influenced by expectations of the broader Asian property cycle. Share prices trough and start to rebound when RNAVs reach a floor, generally 3-18 months ahead of time.
Key risks to rating and TP include:
1) A further substantial decline in SG commercial property values caused by a worse-than-expected rental trajectory;
2) prolonged weakness in the overseas residential property market; and
3) a reversal in the currently buoyant liquidity conditions and a rise in interest rates.
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