Keppel Land foresees $719.8m net profit

A net gain of $394m is expected by Keppel Land instead of the $321m reported earlier.

DBS said that Keppel Land has obtained a positive advance tax ruling from the Inland Revenue Authority of Singapore, confirming that the gains from the proposed divestment of its stake in MBFC1 is capital in nature and not subject to tax. This would boost the group's book NTA by another 5cts to $2.64. While this news is unlikely to impact RNAV, our FY10 net profit estimates would be revised up to $719.8m to reflect the bigger gain.

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