Phillip Securities initiates Keppel Land (K17.SG) at Hold with $5.04 target; says Keppel Land poised to benefit from positive office rental outlook with extensive holdings of prime office space in Singapore, has established strong foothold in fast growing China, Vietnam. 
“Residential projects in China continue to see healthy take-up. We see cooling measures from the Chinese government aimed at curbing excessive price rises in tier-one cities. Sales in other parts of China are supported by real demand.” 

 

In Vietnam, says property market recovering with strong interests in Villas projects; “Keppel Land is in good position to capitalize on the recovering economy with its strong branding.” 

 

Shares flat at S$4.76.