Keppel Land is up 1.7% at $3.51 despite several analysts viewing its 3Q12 results as merely in line with expectations. "I wouldn't ascribe (the stock's gain) to the results. The results were ok, not that great," an analyst says; she isn't sure why the share price would climb.
Keppel Land reported 3Q12 net profit rose 28.5% on-year to S$74.5 million on higher property sales and one-off divestment gains. Another analyst says he also isn't clear why the stock is rallying, noting the results were only in line with his estimates after stripping out the one-offs.
"Singapore unit sales were actually quite good at 150, up from 100, but that was flagged earlier in the week from URA sales (data). That wasn't new news," he notes, but adds, occupancy at MBFC was up 600 bps on-quarter, which could offer a fillip. Recent peaks at $3.59-$3.60 may offer a near-term cap.
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