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Deutsche Bank raises Keppel Land (K17.SG) target price to $5.08 from $5.00 pegged to parity to RNAV and reflecting mark-to-market of KREIT (K71U.SG), higher-than-expected gain from the MFBC divestment, a higher-than-expected ASP for Lakefront and surplus on Nantong.
The house keeps its Buy rating and says the developer produced “a solid set of FY10 results.” It adds, “offshore sales trends remain positive with over 4600 units sold in 2010 while office pre commitments continue to rise.”
The house notes, acquisitions have picked up in 4Q in China and Vietnam “and we see scope for NAV expansion from a more active stance on capital deployment which could tighten discounts to NAV.”
It says the 9 cents per share special dividend, in addition to the 9 cents final dividend was “a positive surprise.”
Shares are +2.2% at $4.67.
