Singapore Land rated 'buy' by AmFraser

Stock Name: Sp Land
Company Name: SINGAPORE LAND LIMITED

Research House: AmFraser

Price Call: BUY

Target Price: 9.60

AmFraser Research in an Apr 30 research report says: "Net profit reported by SingLand rose 14% y-o-y to $55 million for 1QFY12. Results met 37% of our FY2012F forecast and 26% of consensus estimates.

"It was mainly attributable to significantly higher progressive revenue recognition from its development properties. Both new units sold and higher percentage of completion of The Trizon project coupled with increasing revenue from Pan Pacific hotel contributed to the 42% surge in revenue.

"We are seeing the effect of negative rental reversions on SingLand’s older buildings. Gross rental income fell circa 1% whilst operating expenses hiked 5% in 1QFY12. We have obtained an RNAV estimate of $9.60 per share. MAINTAIN BUY."

Singapore Land rated 'neutral' by CIMB

Stock Name: Sp Land
Company Name: SINGAPORE LAND LIMITED

Research House: CIMB

Price Call: HOLD

Target Price: 6.12

CIMB in a Mar 27 research report says: "2012 is likely to see further negative rental reversion for 25-30% of office leases up for renewal. This is offset by strong occupancies of >97% following relocation of tenants from the redevelopment of UIC Building (office completion in 2015).

"Management expressed more optimism on the retail and hospitality segments as rents, RevPARs and occupancies remain strong, buffering recurring income growth in FY2010/2011. We expect these two segments (23% of GAV) to continue to offset weaker office contributions.

"We raise our FY2013 EPS by 12% and trim FY2014 by 2% on development recognition and higher Chengdu ASPs. Factoring in narrower cap rates for office assets raises RNAV and target price of $6.12 (still at 45% discount to RNAV). MAINTAIN NEUTRAL."

Singapore Land - Caution prevails

Stock Name: Sp Land
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.

Source: CIMB Daybreak - 27 March 2012, Full PDF Report

CIMB ups Singapore Land target to $10.22

Stock Name: Sp Land
Company Name: SINGAPORE LAND LIMITED
Research House: CIMB

CIMB Research has raised its target price for property developer Singapore Land (SLND.SI) to $10.22 from $10.18 and kept its outperform rating.

CIMB has raised its core earnings per share estimates for Singapore Land in 2011-2013 by 3-19% to acccount for its recent acquisition of a residential site in Singapore.

The brokerage noted that Singapore Land’s shares were sold down after an earthquake struck Japan, underperforming the broader market.

“But with no Japanese exposure at all, we see little reason for the sell-down and believe the selling pressure could have been worsened by the stock’s poor liquidity,” said CIMB in a report.

At 9:33 a.m., shares of Singapore Land were 0.15% higher at $6.49 and have fallen about 12% since the start of the year.

Singapore Land rated 'buy' by AmFraser

Stock Name: Sp Land
Company Name: SINGAPORE LAND LIMITED
Research House: AmFraser

AmFraser Research in a Feb 21 research report says: "Singapore Land Ltd (SingLand) reported $662 million net profit for FY2010. It was a sharp turnaround from a $266 million net loss for FY2009. SingLand benefited from a $539 million revaluation gain in FY2010, in contrast to a S$609mil fair value loss previously.

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Sp Land - Singapore Land rated 'hold' by Kim Eng

Stock Name: Sp Land
Company Name: SINGAPORE LAND LIMITED
Research House: Kim Eng

Kim Eng Research in a Jan 12 research report says: "Last month, UOL increased its holding in UIC from 32% to 42% by acquiring UOB's stake at $2.40/share.

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Sp Land - Singapore Land target lifted to $9.24 by CIMB

Stock Name: Sp Land
Company Name: SINGAPORE LAND LIMITED
Research House: CIMB

CIMB lifts Singapore Land’s (S30.SG) target price to $9.24 from $8.54 to account for contributions from recent China site purchase.



Property group in September acquired RMB2.06 billion land parcel in Shanghai with JV partners to develop residential-cum-retail complex. Keeps stock at Outperform call. Says company poised to benefit from improving Singapore office market, which accounts for bulk of its book value.

Notes while Singapore Land may face negative rental reversion when leases signed during market peak expire next year, “the gap should narrow as rents rise.”



Shares last +0.1% at $7.37.



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Sp Land - CIMB ups Singapore Land to Outperform; ups target

Stock Name: Sp Land
Company Name: SINGAPORE LAND LIMITED
Research House: CIMB

CIMB upgrades Singapore Land (S30.SG) to Outperform from Neutral, raises target price to $8.54 from $7.28 after increasing FY10-12 EPS estimates by 8%-16% to reflect stronger revenue contributions from property group’s hotels, residential project The Trizon. 



Tips company as beneficiary of improving Singapore office sector; “with the strengthening office market, management expects demand for office space to improve.” 

Adds, valuations not demanding with stock trading at 29% discount to RNAV estimate. 

Shares +0.7% at $7.22.