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| Symbol(s): |
SLND.SI |
| Date: |
9-Nov-09 |
| Author: |
Donald Chua |
| Contributor: |
CIMB_GK Research Pte Ltd. |
| Title: |
Singapore Land Ltd-Results above but yet to see recovery |
| Document Size: |
6 pages |
| Price: |
$25 |
| Document Type: |
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| Maintain Underperform. 3Q09 core net profit of S$63m came in above expectations, forming 33% of our full-year estimate and consensus. This was due to earlier-than-expected presales recognition of Trizon and slightly better rental income. 9M09 core net profit of S$166m forms 86% of our full-year. Our target price has been raised from S$4.83 to S$5.32, still pegged at a 30% discount to RNAV, but adjusted for a gentler decline in office and retail rents, and higher RevPAR for its stake in hotels along the...
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