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Keppel Land
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paulynsaram
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19-Jul-2012 14:11
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Maybank Kim Eng raised its target price for property developer Keppel Land Ltd to S$4.04 from S$3.65 and kept its 'buy' rating, on signs its sales in China are improving. |
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Pinnacle
Master |
29-Nov-2007 09:28
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I believe its mainly due to their view that next year, globally will be drag down by US slowdown. Hence, with lower target of FY08 and FY09, they adjusted their EPS and PE, and reaches a lower target price. Well, they are a US bank after all. So not so sure can they look far enough away from US as slowly Asia is decoupling from US economy. As I'm aware, most US company like to view things from US perspective, and they make judgement using US benchmark. |
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tiandi
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29-Nov-2007 09:00
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Pinnacle, Recently we read a lot of SELL call from Citi about many other companies. Could it be that their analysts are affected by their subprime woes? |
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Pinnacle
Master |
29-Nov-2007 08:47
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Keppel Land Limited (?Keppel Land?), through wholly-owned subsidiary, VN Investment Pte Ltd, has entered into a joint venture with local property developer, Hung Phu Real Estate Investment Corporation, to develop a 9.7 ha (97,000 sm) site into a premier waterfront enclave in District 9 of Ho Chi Minh City, Vietnam. The new waterfront villa project is Keppel Land?s eighth residential development in Vietnam this year. The site, which will yield about 140 premier luxury villa homes, augments the Company?s existing pipeline of more than 25,000 homes in Vietnam. |
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Pinnacle
Master |
27-Nov-2007 09:42
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Citigroup - Downgrading to Sell: Office Sector Near Peak Levels Sell/Low Risk 3L from Hold/Low Risk Price (26 Nov 07) S$7.80 Target price S$6.26 from S$8.97 Expected share price return -19.7% Expected dividend yield 0.8% Expected total return -19.0% Market Cap S$5,615M US$3,896M Downgrading to Sell/Low Risk ? We are cutting our RNAV estimate for Keppel Land to S$7.83 (from S$8.85) and target price to S$6.26 to reflect increased risk in the office sector. With around half of its assets in the Singapore office sector, Keppel Land is the most vulnerable to any decline in office valuations, in our view. Every 10% decline in office valuations would on our estimates translate to a 6% fall in RNAV. Office supply is rising rapidly ? The market is underestimating the potential supply of new office space in 2010 and beyond, in our view. Since May 2007, 6 new sites with a GFA of 5m sq ft have been awarded and could add 3m sq ft of new office space in 2010-11. This implies that on average 3.2m sq ft of new supply could hit the market from 2010-12, vs. historical average demand of 1.5m sq ft per annum. More choices for potential tenants ? Keppel Land is likely to face keen competition in securing tenants for its buildings such as MBFC and OFC. Marina View Parcel A&B and the South Beach Road sites are likely to yield 1.6m and 0.6-0.7m sq ft of new office space. Limited upside in capital values ? Although office rentals could continue to firm up in 2008, the upside is likely to be limited as investors would seek higher cap rates to compensate for the increased longer-term risk to demand, growing supply and the higher cost of capital in the face of the subprime crisis. |
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