May 21, 2012 -- Updated April 24, 2011 14:25 HKT
Keppel Land Ltd SIN:K17 Upgraded
Keppel Land Ltd SIN:K17 has been upgraded to a strong buy with a 2012 price target of $8SGD issued by Shayne Heffernan today.
Singapore’s K-REIT Asia said first quarter distribution per unit (DPU) rose 35 percent from a year ago, helped by contributions from recently acquired properties.
The DPU for the three months ended March 31 was 1.79 Singapore cents, up from 1.33 Singapore cents in the year-earlier period.
K-REIT said its net property income for the quarter rose 7.6 percent to S$14.9 million, as contributions from recently acquired properties offset the loss of income from two divested Singapore office buildings.
At the end of the first quarter, K-REIT had an asset size of about S$3.5 billion ($2.8 billion), comprising four commercial properties in Singapore and two in Australia.
K-REIT is managed by Keppel Land , Singapore’s third largest developer.
Keppel Land Limited is a holding, management and investment company. The principal activities of its subsidiary companies consist of property investment and development, fund management and property related services.
As an office developer in Singapore, Keppel Land contributes to defining and refining the city’s skyline with landmark developments, such as Ocean Financial Centre and Marina Bay Financial Centre in the Central Business District. Keppel Land is also Asia’s premier home developer with waterfront homes at Keppel Bay and Marina Bay.
Valuation Ratios
| Company | Industry | Sector | S&P 500 | |
|---|---|---|---|---|
| P/E Ratio (TTM) | 5.95 | 16.28 | 16.51 | 17.87 |
| P/E High – Last 5 Yrs. | 24.89 | 19.12 | 112.23 | 94.04 |
| P/E Low – Last 5 Yrs. | 5.38 | 3.93 | 85.08 | 12.35 |
| Beta | 2.04 | 0.40 | 0.99 | 1.29 |
| Price to Sales (TTM) | 6.46 | 6.35 | 4.47 | 2.26 |
| Price to Book (MRQ) | 1.52 | 1.82 | 1.46 | 2.94 |
| Price to Tangible Book (MRQ) | 1.51 | 2.67 | 1.89 | 5.17 |
| Price to Cash Flow (TTM) | 5.76 | 13.79 | 8.54 | 8.67 |
| Price to Free Cash Flow (TTM) | – | 1.82 | 2.74 | 58.29 |
| % Owned Institutions | – | – | – | – |
Dividends
| Company | Industry | Sector | S&P 500 | |
|---|---|---|---|---|
| Dividend Yield | 2.04 | 1.40 | 1.77 | 1.74 |
| Dividend Yield – 5 Year Avg. | 1.99 | 0.20 | 1.30 | 2.46 |
| Dividend 5 Year Growth Rate | 20.40 | 2.71 | 6.95 | -4.01 |
| Payout Ratio(TTM) | 24.32 | 12.97 | 15.73 | 41.32 |
Growth Rates
| Company | Industry | Sector | S&P 500 | |
|---|---|---|---|---|
| Sales (MRQ) vs Qtr. 1 Yr. Ago | 236.13 | 33.17 | 23.35 | 7.97 |
| Sales (TTM) vs TTM 1 Yr. Ago | 12.06 | 11.19 | 12.91 | 10.69 |
| Sales – 5 Yr. Growth Rate | 6.20 | 7.81 | 16.34 | 7.54 |
| EPS (MRQ) vs Qtr. 1 Yr. Ago | 43.25 | 157.20 | 82.93 | 50.88 |
| EPS (TTM) vs TTM 1 Yr. Ago | 198.41 | – | – | – |
| EPS – 5 Yr. Growth Rate | 36.25 | 8.42 | 9.04 | 4.87 |
| Capital Spending – 5 Yr. Growth Rate | 126.58 | 7.85 | 8.19 | 3.64 |
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.
For More Information Contact
Chutinush Taksinapinunt (ANISTA)
Business Development Director
Heffernan Capital Management
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