Keppel Land BUY Target Price $5.36 by CIMB Equities Research

CIMB Research has raised its target price for Singapore property developer Keppel Land (KLAN.SI) to $5.36 from $5.29 and kept its outperform rating.

CIMB Research said it expects Keppel Land to weather China’s property cooling measures relatively unscathed, as its township portfolio in Tianjin Eco-City, a China-Singapore government venture development, has seen strong initial residental sales and will produce sustainable growth in the next decade.

“Its stock underperformance serves to reinforce our positive view. We continue to expect price catalysts from rising China township prices and Singapore office rents,” said CIMB in a report.

The brokerage said it expects Keppel Land’s China business to increasingly become an important growth driver for the company’s value.