Stock Name: Keppel Land
Company Name: KEPPEL LAND LIMITED
Company Name: KEPPEL LAND LIMITED
| Research House: Citigroup | Price Call: BUY | Target Price: 3.98 |
SINGAPORE (Jan 6): Citigroup has cut its price target for Keppel Land to $3.98 from $4.05 to reflect the developer's asset divestments last year.
The sale of Equity Plaza and Marina Bay Financial Centre Tower 3 has left a "gap" in Keppel Land's recurring income stream, leaving it with no direct exposure to the Singapore office market, Citi analyst Adrian Chua said in a note.
While Keppel Land has redeployed the sales proceeds into the commercial property market in other Southeast Asian countries, it would take "some years" to build up a recurring income stream, he said.
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