Stock Name: KepLand
Company Name: KEPPEL LAND LIMITED
Company Name: KEPPEL LAND LIMITED
| Research House: CIMB | Price Call: HOLD | Target Price: 3.43 |
Target S$3.43
Core net profit was ahead of expectations mainly due to the bumper recognition of proceeds from Reflections, for units sold under DPS. Development bookings should normalise as project completions drop. Meanwhile, new home sales in China have been poor. 1Q12 core EPS forms 35% of our FY12 forecast (above, front-end loaded) and consensus. We make no changes to our estimates. Maintain Neutral with an unchanged target price set at a 25% discount to RNAV.
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