Stock Name: Keppel Land
Company Name: KEPPEL LAND LIMITED
Company Name: KEPPEL LAND LIMITED
| Research House: CIMB | Price Call: BUY | Target Price: 3.57 |
SINGAPORE (Oct 21): CIMB has upgraded its rating on Keppel Land to "add" from "hold", saying the stock now trades at a bigger discount of 38% to its revalued net asset value versus a historical average of 26%.
At its current price, the stock has "sufficiently" priced in the risks associated to the developer's exposure to China's residential market, which has been hit by a slew of government cooling measures, according to CIMB analyst Tan Xuan, who has a price target of $3.57 on Keppel Land.
"We like Keppel Land's capital recycling strategy," said Tan in a note today.
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