Stock Name: KepLand
Company Name: KEPPEL LAND LIMITED
Phillip Securities Research in a Sept 28 research report says: "In-line with our office sector downgrade from positive to neutral, we lower our assumptions on office rental of Keppel Land, from positive 2% to 0% growth in FY2012. The net impact on PATMI of FY2012 and FY2013 are relatively minimal at -0.4%.
"We adjust our rental assumptions on its office property and sales progress of the Sengkang residential project, the RNAV is lowered from $4.92 to $4.91. We also increase the discount to RNAV from previously 15% to 35% on the weakening economic outlook and office leasing market.
"The current PBR of approx. 1x is still a premium over other Singapore developers, which are mostly 20% - 30% below book value. Fair value lowered from $4.18 to $3.19. MAINTAIN HOLD."
Company Name: KEPPEL LAND LIMITED
| Research House: Phillip Securities | Price Call: HOLD | Target Price: 3.19 |
Phillip Securities Research in a Sept 28 research report says: "In-line with our office sector downgrade from positive to neutral, we lower our assumptions on office rental of Keppel Land, from positive 2% to 0% growth in FY2012. The net impact on PATMI of FY2012 and FY2013 are relatively minimal at -0.4%.
"We adjust our rental assumptions on its office property and sales progress of the Sengkang residential project, the RNAV is lowered from $4.92 to $4.91. We also increase the discount to RNAV from previously 15% to 35% on the weakening economic outlook and office leasing market.
"The current PBR of approx. 1x is still a premium over other Singapore developers, which are mostly 20% - 30% below book value. Fair value lowered from $4.18 to $3.19. MAINTAIN HOLD."
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