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Keppel Land - Outperforming the Real Estate Index
20 Oct 09

Call warrantKepLandMBLeCW100219 (IV4W) exercise price $3.00.*

The property arm of the world’s largest oil rig builder – Keppel Land will be announcing its 3Q09 results tomorrow. The stock has rallied 3.8% in the last five days and trade steadily above $2.70 since Wednesday…

The following warrant has an exercise price close to Keppel Land’s last traded underlying share price of $2.65.

Call warrantKepLandMBLeCW100219 (IV4W) exercise price $3.00.*


Advancing toward previous high?
The property arm of the world’s largest oil rig builder – Keppel Land will be announcing its 3Q09 results tomorrow. The stock has rallied 3.8% in the last five days and trade steadily above $2.70 since Wednesday. The stock’s performance in the last week has outperformed the FTSE ST Real Estate Index (a measure of 30 developers and property trusts in Singapore) which climbed 2.2% in the last five days to reach a new 52-week high of 630.87 yesterday. Keppel Land’s last achieved a 52-week high of $2.85 on September 10.


Recent macro and micro news concerning Keppel Land
In macro news concerning the company, the Urban Redevelopment Authority on October 15 released data that showed Singapore’s private home sales fell in September from the previous month after a rebound in property prices and the introduction of government measures to prevent excessive price swings.

Sales declined to 1,143 in September from a revised 1,804 units in August. Nevertheless, that figure is still almost three times the number of homes sold in the same period a year earlier. (Bloomberg)

In company specific news, partly owned K-Reit Asia had recently announced plans to raise $620 million in a 1-for-1 renounceable rights offer to fund “acquisition growth.” K-Reit had said in an SGX announcement on September 30 that it will issue 666.7mn units, or one unit for every existing unit held, at a price of 93 Singapore cents each. Keppel Corp and Keppel Land, which own a combined 75.8 percent of K-Reit units in issue, had agreed to subscribe to their “total provisional allotment” of units.

 

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