Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Maybank raises Keppel Land target price

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STOCKS NEWS SINGAPORE-Maybank raises Keppel Land target price Jul 19th 2012, 02:06 Wed Jul 18, 2012 10:06pm EDT 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. By 0158 GMT, shares of Keppel were 1.5 percent higher at S$3.44, and have surged 55 percent so far this year, outperforming the FT ST Financial Index's 25.4 percent gains. Keppel reported an 87.5 percent jump in its second quarter earnings to S$94.7 million, lifted by its high-end residential project in Singapore and K-REIT Asia, a real estate investment trust that it sponsors. Keppel's actual residential pre-sales improved in the second quarter, especially in China where it sold 491 units, up from 187 units in the previous three months, Maybank said. "With buyers' interest seemingly picking up in China, we think that Keppel Land will benefit and continue to roll out more units from its mass market projects, such as The Botanica in Chengdu and Tianjin Eco-city," Maybank said. It added that Keppel's low net gearing of 0.2 times will allow it to remain nimble while seeking out acquisition opportunities. To read a related story, click 1001 (0201 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 9:45 STOCKS NEWS SINGAPORE-DMG ups target price for OCBC DMG & Partners raised its target price for Oversea-Chinese Banking Corp to S$8.54 from S$8.30 and kept its 'neutral' rating, citing gains from the sale of its stake in Fraser and Neave (F&N) and potential special dividends. Shares of OCBC were up 1 percent at S$9.39, and have gained nearly 20 percent since the start of the year, compared to the Straits Times Index's 14.5 percent rise. OCBC said it and its insurance unit Great Eastern Holdings will make a total post-tax gain of S$1.15 billion from the stake sale in F&N to Thai Beverage and other companies linked to a Thai billionaire. DMG said OCBC may pay out special dividends, but the amount will not be significant as OCBC would want to retain capital to expand its core financial business. The brokerage estimates that OCBC's potential special dividend could be up to 26 Singapore cents, but believes the bank will pay out less than that. To read a statement, click 0934 (0134 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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