How Keppel Land's latest link with China Vanke could boost its business

Is the future in China well secured now?

According to DBS, Keppel Land is trading at an attractive 40% discount to its revalued asset backing of $6.21.

It has a portfolio of premium office assets held directly and through its REIT platform, in addition to a diverse landbank in China and Singapore that includes mixed retail and commercial land parcels as well as residential sites.

Here's more from DBS:

Its balance sheet is healthy at 0.4x gearing and a target optimal level of 0.6x provides a further debt headroom of $1.4b.

The recent tie-up with China Vanke for The Glades mid-market residential project in Tanah Merah as the first move under this strategic alliance could also pan out well for its future activities in China.

Our revised TP of $4.35, premised on a higher 30% discount to RNAV, offers investors 17% upside.

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