Keppel Land's China home sales crashed 33% to 570 units

But sales value was still impressive.

According to Barclays, KPLD reported 1Q14 PATMI of S$87.7mn (-9% y/y, -24% q/q), 22% of their and Bloomberg consensus for FY14E of S$388-397mn.

While revenue increased 38% y/y to S284.9mn on higher China residential contributions, earnings were lower on 37% lower trading profits offset partially by higher Singapore office income and fund management profits.

Here's more from Barclays:

KPLD maintains its focus on Singapore, China, Indonesia and Vietnam developments, which we believe will foster a riskier business profile. We maintain our Underweight rating as we see headwinds in the residential business in Singapore and China, and it is trading at 26% discount to end-2014 RNAV of S$4.72 vs. -1sd of 40%.

Property trading profit was 37% lower at S$35.6mn due to completion of Phase 6 of The Botanica and Marina Bay Suites. which contributed significantly a year ago, while only two projects were completed in 1Q14 – Stamford City Phase 2 Block 5 (155 units, 25 sold) and The Springdale Plot 2-2 (444 units, 227 sold). Overseas earnings make up 30% of PATMI (from 33% in FY13), mainly on contribution from China residential projects 8 Park Avenue and The Springdale in Shanghai.

In 1Q14, KepLand sold 54 homes in Singapore, -8% from 59 in 1Q13, mainly from The Glades (23% of 726 units sold at median price of S$1,440psf). It plans to launch Highline Residences, its CBD fringe project near Tiong Bahru MRT station in 2Q14.

In China, it sold 570 homes, -33% from the 850 sold in 1Q13, though achieved sales value of RMB 890mn was higher than the RMB 840mn in 1Q13 due to sale of higher-end projects with encouraging sales from Central Park City Wuxi (achieved RMB 8,300psm ASP vs RMB 7,400psm in earlier phases), The Springdale (RMB 14,800psm), Seasons Residence (RMB 24,800psm) and Stamford City (RMB 9-10k psm). It plans no new launches for 2Q14, and will launch new projects Hill Crest Villa in Chengdu and Waterfront Residence in Nantong, new phases of Seasons Residence, Shanghai and The Springdale, Shanghai in 2H14.

MBFC 3 is now 96% committed, up marginally from 95% a quarter ago, with 56% of its tenants in the financial services, which include DBS, Milbank and Norinchukin Bank. In Indonesia, it has acquired another site in Jakarta to develop into 3,000 homes, to be launched in 2015. Gearing has increased to 0.40x from 0.38x as of Dec 2013.

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