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Keppel Land (K17.SG) off 1.7% at $4.14 as investors sell on strength post-2Q10 results, after huge gains in lead-up to earnings release, with stock trading at hefty 1.75x P/B, says Dow Jones.
“The share price outperformance (has) put Keppel Land at a rich valuation,” says BNP Paribas, which has Hold call with $3.87 target, “we believe the resurgence in optimism about the revival of the office and mid-, high-end residential sub-sectors is priced in.”
Support eyed at 10-day moving average, last at $4.07. 2Q10 earnings +20.4% on-year at $70.1 million on increased home sales, especially outside Singapore, as well as higher contributions from property investment, fund management businesses.
