Company Name: KEPPEL LAND LIMITED
| Research House: CIMB | Price Call: BUY | Target Price: 4.00 |
CIMB Research downgraded Singapore-listed property developer Keppel Land to ‘neutral’ from ‘outperform’, citing lower expected residential selling prices due to the latest round of cooling measures implemented by the government.
By 10:45 a.m., Keppel Land shares were down 7.7% at $3.95, along with other Singapore property developers after the city-state introduced measures such as greater stamp duties for residential properties, and limiting loans.
Although Singapore residential accounts for only 15% of Keppel Land’s gross asset value, it has some high-endprojects such as Marina Bay Suites that remain unsold, CIMB said.
The brokerage lowered its 2012-2014 core earnings per share estimates for Keppel Land by 1-3%, but kept its target price at $4.00.
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