Stock Name: Sp Land
Company Name: SINGAPORE LAND LIMITED
Company Name: SINGAPORE LAND LIMITED
| Research House: CIMB | Price Call: HOLD | Target Price: 6.12 |
Target S$6.12
Management is still cautious on office and residential segments, following our recent meeting. Despite negative rental reversions, occupancies have strengthened at office assets. We sense the intention for site acquisitions, but persistently high bids remain a setback. We raise our FY13 EPS by 12% and trim FY14 by 2% on development recognition and higher Chengdu ASPs. Factoring in narrower cap rates for office assets raises RNAV and target price (still at 45% discount to RNAV). Maintain Neutral; strong office data points as rerating catalysts.
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