Sp Land - Singapore Land target lifted to $9.24 by CIMB

Stock Name: Sp Land
Company Name: SINGAPORE LAND LIMITED
Research House: CIMB

CIMB lifts Singapore Land’s (S30.SG) target price to $9.24 from $8.54 to account for contributions from recent China site purchase.



Property group in September acquired RMB2.06 billion land parcel in Shanghai with JV partners to develop residential-cum-retail complex. Keeps stock at Outperform call. Says company poised to benefit from improving Singapore office market, which accounts for bulk of its book value.

Notes while Singapore Land may face negative rental reversion when leases signed during market peak expire next year, “the gap should narrow as rents rise.”



Shares last +0.1% at $7.37.



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