Keppel Land (KPLD SP)

Transcription

1/26/2015
https://markets.jpmorgan.com/research/email/-ui8sdl4/GPS-1607460-0
Asia Pacific Equity Research
24 January 2015
Neutral
Keppel Land (KPLD SP)
Price : S$3.65
20 Jan 2015
Accept the offer
Price Targe t: S$3.50
PT End Date : 31 De c 2015
Keppel Corp’s (KEP) offer price of S$4.38/4.60 for Keppel Land’s (KPLD) remaining stake looks fair to us, as it
equates to a 25.3%/21.3% discount to our RNAV estimate, lower than the historical mean of 26%. Further, given the
residential headwinds, we think KPLD’s RNAV discount is unlikely to narrow significantly in the near term in the
absence of this transaction. We think the sector will re-rate in the near term, with investors scouting for prospective
privatization candidates. Our top developer picks are GLP and CAPL.
· Voluntary cash offe r for KPLD. KEP has launched a voluntary unconditional cash offer for all the remaining
shares of its 54.6%-owned KPLD, with a base offer price of S$4.38/share. The base offer price will be adjusted
upwards to S$4.60/share should KEP acquire KPLD’s shares or receive acceptances entitling it to exercise its
rights of compulsory acquisition, which means KEP will need to own 90% of the total issued shares excluding
treasury shares and those it already has.
Table 1: Voluntary cash offer details
Specified
S$
Closing Price
FY14 NAV
JPM FY15 RNAV
Price Target
3.65
4.95
5.86
3.50
Offer Price (S$)
Premium/(Discount) to Closing Price
Premium/(Discount) to FY14 NAV
Premium/(Discount) to JPM FY15 RNAV
Premium/(Discount) to Price Target
Base
Higher
4.38
20.0%
-11.6%
-25.3%
25.1%
4.60
26.0%
-7.2%
-21.5%
31.4%
Source: J.P. Morgan estimates, Company data.
· Historical de als not that re le vant. Looking at privatization or partial offers involving property developers which
were completed over the past five years, the average premium to book value (or NAV) was 3%. However, the
case for comparison is debatable given that the bulk of the transactions involved small-to-mid-cap developers which
had relatively low liquidity. Further, several of their NAVs do not factor in revaluations as the properties were
treated as Property, Plant & Equipment. CapitaMalls Asia’s privatization in Apr-14 (20% discount to RNAV)
seems to be the closest comparable, though its 100% retail exposure contrasts that of KPLD (Residential: 64% and
Commercial: 36%).
Table 2: Historical privatization deals
Specified
Announcem ent
Date
Target
Acquirer
Offer
Price
(S$)
(S$)
(%)
(S$)
Jan-15
Keppel Land
Lee Kim Tah
Holdings
Keppel Corporation
4.38
3.65
20.0%
4.95
Lee Kim Tah Inv estments
1.08
1.015
6.4%
Sep-14
Last
Traded
Price
Pre/(Disc)
To
Last
Traded
Price
NAV
Pre/(Disc)
To
NAV
Outcom e
(%)
Acquirer
Stake
As
At
Offer
Date
(%)
-11.5%
54.6%
Ongoing
1.04
4.3%
86.4%
Delisted Jan-15
Listing maintained.
Ow nership interest rises to
60.6%
Mar-14
Global Premium
Hotels
Mr. Koh Wee Meng
0.33
0.29
13.8%
0.64
-48.4%
59.1%
Apr-14
CapitaMalls Asia
CapitaLand
2.35
1.81
29.8%
1.87
25.7%
65.3%
Apr-14
Hotel Properties
68 Holdings (Ong Beng Seng,
Wheelock Properties)
4.00
3.13
27.8%
3.13
27.8%
41.9%
Feb-14
Singapore Land
Pan Pacific Hotels
Group
SC Global
Dev elopments
UIC Enterprise
9.40
8.45
11.2%
13.07
-28.1%
80.4%
Delisted Jul-14
Listing maintained.
Ow nership interest rises to
56.5%
Delisted Aug-14
UOL Group
2.55
2.34
9.0%
1.57
62.4%
81.6%
Delisted Oct-13
MYK Holdings
1.80
1.205
49.4%
1.56
15.4%
55.1%
Delisted Mar-13
May -13
Dec-12
1/7
1/26/2015
May -12
Wing Tai Asia
Ascend Capital
1.39
1.175
18.3%
2.51
-44.6%
41.8%
May -11
Allgreen Properties
1.60
1.15
39.1%
1.67
-4.2%
55.7%
Sep-10
Soilbuild
0.80
0.705
13.5%
0.634
26.2%
73.1%
Delisted Dec-12
Aug-10
Average
MCL Land
Brookv ale Inv estments
Lim Chap Huat (Dolphin
Acquisitions)
HKL (MCL)
Listing maintained. Partial
offer for 8.7% stake.
Delisted Jul-11
2.45
1.95
25.6%
22.2%
2.55
-3.9%
3.0%
83.1%
65.8%
Delisted Feb-11
Source: J.P. Morgan estimates.
· RNAV trading range a be tte r gauge ; Acce pt offe r. KEP’s offer price of S$4.38/4.60 represents a 25.3%/21.5%
discount to our RNAV estimate of S$5.86, which is lower than KPLD’s historical RNAV discount of 26%. KEP’s
offer price also represents a 25.1%/31.4% premium to our price target. Therefore, we think KPLD’s existing
shareholders should accept the offer. Historically, Singapore Developers have traded at a mean RNAV discount of
18.1%.
Figure 1: KPLD RNAV trading range
Figure 2: SDevelopers RNAV trading range
%
%
Source: J.P. Morgan estimates, Bloomberg.
· Impact #1: Se ctor Re -Rating. We expect this transaction to result in the near-term re-rating of Developers, i.e.
narrowing of RNAV discounts. However, given that the fundamentals of the residential market remain subdued,
we do not expect the re-rating to be significant, i.e. just 3-5%pts, which is similar to the period when CMA’s
privatization was announced in Apr-14. Back then, Developers’ RNAV discount narrowed from 40.2% to 36.5%.
Table 3: RNAV of Developers and Overall Sector from Mar-14 to Aug-14
%
Mar-14
Apr-14*
May -14
Jun-14
Jul-14
Aug-14
CIT
CAPL
OUE
GLP
KPLD
Sector
-28.8%
-23.7%
-28.0%
-28.9%
-26.4%
-30.3%
-47.1%
-43.0%
-43.0%
-42.9%
-38.4%
-40.7%
-51.3%
-50.7%
-44.6%
-44.6%
-44.2%
-47.6%
-17.8%
-11.6%
-12.6%
-15.1%
-12.3%
-10.4%
-39.5%
-37.7%
-38.2%
-40.0%
-35.4%
-38.4%
-40.2%
-36.5%
-37.7%
-38.2%
-34.7%
-37.7%
· Impact #2: Prospe ctive Candidate s. Given that the subdued outlook for residential properties has weighted on
sentiment, we believe investors will start looking at developers which have been trading at depressed valuations
(i.e. low P/B), with the largest shareholder holding a significant stake. These are key criteria for any potential
privatization, in our view. In addition, QC extension charges could spur further interest in privatizations, following
the example of Soilbuild, SC Global and now Popular Holdings.
Table 4: Prospective Candidates
Specified
Developers
UOL Group
Ho Bee Land
Sim Lian Group Ltd
Rox y -Pacific Hldgs Ltd
Hotel Properties Ltd
Wheelock Properties (S) Ltd
United Industrial Corp Ltd
Tuan Sing Holdings Ltd
Guocoland Ltd
Mkt
Cap*
23-Jan-15
Last
Price*
23-Jan-15
(S$m )
(S$)
(S$)
(S$)
Pre/
(Disc)
to
NAV
(%)
5,724
1,354
855
633
2,133
2,256
4,847
500
2,118
7.27
2.03
0.85
0.53
4.11
1.89
3.48
0.43
1.79
9.18
3.52
0.98
0.28
3.47
2.51
4.88
0.65
2.51
9.29
3.27
1.05
0.30
3.15
2.66
3.99
0.66
2.44
-20.8%
-42.3%
-13.5%
91.7%
18.4%
-24.9%
-28.7%
-34.2%
-28.8%
NAV
Bk
Val.
Pre/
(Disc)
to
Bk val.
(%)
P/B
-21.7%
-37.9%
-18.7%
78.3%
30.4%
-29.1%
-12.9%
-36.0%
-26.6%
0.78
0.62
0.81
1.78
1.30
0.71
0.87
0.64
0.73
(x)
Majority Shareholder
Wee Cho Yaw
Ho Bee Holdings Priv ate
Sim Lian Holdings
Kian Lam Inv estment
68 Holdings
Star Attraction Limited
Uol Group Limited
Nuri Holdings S
Guoco Group
Stake
31.8%
72.8%
54.9%
49.3%
56.5%
75.8%
48.8%
46.5%
68.0%
2/7
1/26/2015
Hong Fok Corp Ltd
Hiap Hoe Ltd
Heeton Holdings Ltd
Wing Tai Holdings
Weighted Average
720
381
169
1,438
23,127
0.91
0.81
0.63
1.83
1.98
0.79
1.13
4.00
1.87
1.52
1.13
3.82
-53.9%
2.1%
-44.2%
-54.3%
-21.1%
-51.2%
-47.1%
-44.4%
-52.1%
-18.0%
0.49
0.53
0.56
0.48
0.82
Hong Fok Land Intl
Hiap Hoe Holdings
Heeton Inv estments
Cheng Wai Keung
20.4%
69.5%
25.1%
60.9%
· Impact #3: Fund Flows & Inde x Implications. We believe investors who decide to accept the offer would also
start thinking about where to put their money next. Among Developers, we continue to like GLP and CAPL, while
SUN, AREIT, CRCT and ART are our top REIT picks. Lastly, given that KPLD is now in two major indices
(FTSE EPRA/NAREIT Developed Index and MSCI Singapore Index), there should be new companies which
could potentially replace KPLD, which results in improved liquidity.
Table 5: S-Developer valuation summary
Specified
Company
CapitaLand
City Developments
Keppel Land
Overseas Union Enterprise
Global Logistic Properties
Total / Weighted Average
Total / Weighted Avg (Ex
GLP)
JPM
Sh price
Rating Mkt cap 23-Jan-15
(S$ MM)
(S$)
OW
15,161
3.56
N
9,575
10.53
N
5,640
3.65
UW
1,984
2.18
OW
12,535
2.59
44,895
32,360
Price
target
(S$)
3.80
10.05
3.50
2.10
3.30
RNAV
JPM used
Dividend yield 20 Day
upside RNAV Disc/prem Disc/prem BVPS P/B FY15E FY16E ADTV Gearing
(%)
(S$)
(%)
(%)
(S$)
(x)
(%)
(%)
(S$m)
(%)
6.7%
5.83
-38.9%
-35%
3.72 0.96 2.2% 2.2%
37.2
59.9%
-4.6% 12.54 -16.1%
-20%
8.79 1.20 1.5% 1.5%
8.4
36.4%
-4.1% 5.86
-37.7%
-40%
4.59 0.80 3.6% 3.6%
9.9
36.8%
-3.7% 4.25
-48.7%
-50%
4.06 0.54 2.3% 2.3%
0.7
44.6%
27.4% 3.30
-21.4%
0%
2.35 1.10 1.5% 1.5%
27.3
-4.6%
8.3%
-29.4%
-23.3%
1.01 2.1% 2.1%
33.3%
0.9%
-32.5%
-32.4%
0.97
2.3%
2.3%
48.0%
YTD Sh
Perf
(%)
7.6%
2.5%
6.7%
6.9%
4.4%
5.5%
5.9%
Source: J.P. Morgan estimates, Bloomberg, Company data.
Investment Thesis
KPLD is a diversified developer primarily exposed to the China residential market. Contract sales more than tripled and sales units
more than doubled Y/Y in 2013. The company plans to deepen its presence in core China and Singapore markets, while investing
opportunistically in growth markets Indonesia and Vietnam. Management plans to achieve a target profit mix of 70% from property
trading and 30% from other businesses.
Valuation
Our Dec-15 PT of S$3.50 is derived from a 40% discount to our forward RNAV estimate of S$5.86.
Av erage premium/(discount) to RNAV
1 s.d. abov e av erage prem/(disc) to RNAV
1 s.d. below av erage prem/(disc) to RNAV
-26%
-4%
-49%
Max prem/(disc) to RNAV
Min prem/(disc) to RNAV
41%
-83%
Risks to Rating and Price Target
Key downside risks to our rating and PT include: (1) prolonged weakness in the Singapore and China residential property markets;
(2) an inability to redeploy capital from divestment proceeds to higher-yielding investments; and (3) entry into overseas
geographies outside of focus/specialized markets. Key upside risks include: (1) a pickup in residential volumes in Singapore, China
and Vietnam, which could be caused by the easing of policies; (2) the divestment of non-core assets, with capital redeployed to
higher-yielding assets or paid out as special dividends; and (3) a quicker-than-expected stabilization of income from growing
commercial portfolio.
Property
Brandon Lee
AC
(65) 6882-7073
[email protected]
J.P. Morgan Securities Singapore Private Limited
Cusson Leung
(852) 2800-8526
[email protected]
J.P. Morgan Securities (Asia Pacific) Limited
Terence M Khi
(65) 6882-1518
[email protected]
J.P. Morgan Securities Singapore Private Limited
www.jpmorganmarkets.com
3/7
1/26/2015
Other Companies Discussed in This Report (all prices in this report as of market close on 23 January 2015)
A-REIT (AEMN.SI/S$2.57/Overweight), Ascott Residence Trust (ASRT.SI/S$1.29/Overweight), CapitaLand
(CATL.SI/S$3.56/Overweight), CapitaRetail China Trust (CRCT.SI/S$1.69/Overweight), Global Logistic Properties Ltd
(GLPL.SI/S$2.59/Overweight), Suntec REIT (SUNT.SI/S$2.00/Overweight)
Analyst Certification: The research analyst(s) denoted by an “AC” on the cover of this report certifies (or, where multiple research analysts
are primarily responsible for this report, the research analyst denoted by an “AC” on the cover or within the document individually certifies,
with respect to each security or issuer that the research analyst covers in this research) that: (1) all of the views expressed in this report
accurately reflect his or her personal views about any and all of the subject securities or issuers; and (2) no part of any of the research analyst's
compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst(s) in
this report. For all Korea-based research analysts listed on the front cover, they also certify, as per KOFIA requirements, that their analysis was
made in good faith and that the views reflect their own opinion, without undue influence or intervention.
J.P. M organ does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm
may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in
making their investment decision.
Important Disclosures
· Lead or Co-manager: J.P. M organ acted as lead or co-manager in a public offering of equity and/or debt securities for CapitaLand, Ascott
Residence Trust within the past 12 months.
· Analyst Position: The following analysts (and/or their associates or household members) own a long position in the shares of CapitaRetail
China Trust: Brandon Lee.
· Client: J.P. M organ currently has, or had within the past 12 months, the following company(ies) as clients: Keppel Land, Global Logistic
Properties Ltd, CapitaLand, Suntec REIT, CapitaRetail China Trust, Ascott Residence Trust.
· Client/Investment Banking: J.P. M organ currently has, or had within the past 12 months, the following company(ies) as investment
banking clients: Global Logistic Properties Ltd, CapitaLand, Ascott Residence Trust.
· Client/Non-Investment Banking, S ecurities-Related: J.P. M organ currently has, or had within the past 12 months, the following
company(ies) as clients, and the services provided were non-investment-banking, securities-related: Keppel Land, Global Logistic Properties Ltd,
Ascott Residence Trust.
· Investment Banking (past 12 months): J.P. M organ received in the past 12 months compensation from investment banking Global Logistic
Properties Ltd, CapitaLand, Ascott Residence Trust.
· Investment Banking (next 3 months): J.P. M organ expects to receive, or intends to seek, compensation for investment banking services in
the next three months from Global Logistic Properties Ltd, CapitaLand, Ascott Residence Trust.
· Non-Investment Banking Compensation: J.P. M organ has received compensation in the past 12 months for products or services other than
investment banking from Keppel Land, Global Logistic Properties Ltd, Ascott Residence Trust.
· “J.P. M organ (S.E.A.) Limited (“J.P. M organ”) is acting as a Joint Lead M anager and Joint Bookrunners for DBS Trustee Limited in its
capacity as trustee of Ascott Residence Trust (“Ascott”) for its subordinated perpetual issuance as announced on 17 October 2014. J.P. M organ
will be receiving fees for so acting. J.P. M organ and/or its affiliates may perform, or may seek to perform, other financial or advisory services for
Ascott and/or its affiliates and may have other interests in or relationships with Ascott and/or its affiliates, and receive fees, commissions or other
compensation in such capacities. This research report and the information herein is not intended to serve as an endorsement of the proposed
transaction or result in procurement, withholding or revocation of a proxy or any other action by a security holder. This report is based solely on
publicly available information. No representation is made that it is accurate or complete.”
Company-S pecific Disclosures: Important disclosures, including price charts and credit opinion history tables, are available for compendium
reports and all J.P. M organ–covered companies by visiting https://jpmm.com/research/disclosures, calling 1-800-477-0406, or e-mailing
[email protected] with your request. J.P. M organ’s Strategy, Technical, and Quantitative Research teams may screen
companies not covered by J.P. M organ. For important disclosures for these companies, please call 1-800-477-0406 or e-mail
[email protected].
Date
Rating Share Price Price Target
(S$)
(S$)
08-Nov -06 N
4.20
5.39
26-Jan-07
N
5.09
7.50
10-Apr-07
N
6.51
8.65
24-Jul-07
N
6.08
8.65
17-Aug-07
UW
5.37
6.15
24-Sep-07
UW
5.87
6.10
24-Oct-07
UW
5.87
7.25
06-Dec-07 UW
5.44
6.82
21-Jan-08
N
4.08
6.39
28-Feb-08
UW
4.32
5.35
23-Apr-08
UW
4.32
5.10
02-Sep-08
UW
2.65
3.50
06-Nov -08 UW
1.62
1.56
19-Mar-09
N
0.88
1.75
24-Apr-09
UW
1.25
1.50
22-Jul-09
N
2.49
2.40
20-Jan-10
N
3.52
3.60
26-Jan-10
N
3.36
3.70
18-Mar-10
N
3.65
3.65
14-Oct-10
N
4.28
4.70
4/7
1/26/2015
25-Jun-11
N
3.58
4.50
14-Sep-11
N
2.87
2.85
16-Jan-12
N
2.45
2.85
19-Jul-12
N
3.39
3.70
18-Apr-13
N
3.99
4.00
16-Oct-13
N
3.58
4.20
25-Aug-14
NR
3.49
--
3.35
3.50
09-Dec-14 N
The chart(s) show J.P. M organ's continuing coverage of the stocks; the current analysts may or may not have covered it over the entire period.
J.P. M organ ratings or designations: OW = Overweight, N= Neutral, UW = Underweight, NR = Not Rated
Explanation of Equity Research Ratings, Designations and Analyst(s) Coverage Universe:
J.P. M organ uses the following rating system: Overweight [Over the next six to twelve months, we expect this stock will outperform the average
total return of the stocks in the analyst’s (or the analyst’s team’s) coverage universe.] Neutral [Over the next six to twelve months, we expect
this stock will perform in line with the average total return of the stocks in the analyst’s (or the analyst’s team’s) coverage universe.]
Underweight [Over the next six to twelve months, we expect this stock will underperform the average total return of the stocks in the analyst’s
(or the analyst’s team’s) coverage universe.] Not Rated (NR): J.P. M organ has removed the rating and, if applicable, the price target, for this
stock because of either a lack of a sufficient fundamental basis or for legal, regulatory or policy reasons. The previous rating and, if applicable, the
price target, no longer should be relied upon. An NR designation is not a recommendation or a rating. In our Asia (ex-Australia) and U.K. smalland mid-cap equity research, each stock’s expected total return is compared to the expected total return of a benchmark country market index, not
to those analysts’ coverage universe. If it does not appear in the Important Disclosures section of this report, the certifying analyst’s coverage
universe can be found on J.P. M organ’s research website, www.jpmorganmarkets.com.
Coverage Universe: Lee, Brandon: A-REIT (AEM N.SI), Ascott Residence Trust (ASRT.SI), CDL Hospitality Trusts (CDLT.SI),
CapitaCommercial Trust (CACT.SI), CapitaLand (CATL.SI), CapitaM all Trust (CM LT.SI), CapitaRetail China Trust (CRCT.SI), City
Developments (CTDM .SI), Far East Hospitality Trust (FAEH.SI), Frasers Centrepoint Trust (FCRT.SI), Global Logistic Properties Ltd
(GLPL.SI), Keppel Land (KLAN.SI), Keppel REIT (KASA.SI), M apletree Commercial Trust (M ACT.SI), M apletree Industrial Trust
(M API.SI), Overseas Union Enterprise Ltd (OVES.SI), Suntec REIT (SUNT.SI)
J.P. Morgan Equity Research Ratings Distribution, as of January 1, 2015
J.P . Morgan Global Equity Research Coverage
IB clients*
JP MS Equity Research Coverage
IB clients*
O ve rwe igh t Ne u tral
(buy)
(hold)
45%
43%
56%
49%
45%
48%
75%
67%
Un de rwe igh t
(sell)
12%
33%
7%
52%
*P ercentage of investment banking clients in each rating category.
For purposes only of FINRA/NYSE ratings distribution rules, our Overweight rating falls into a buy rating category; our Neutral rating falls into a hold
rating category; and our Underweight rating falls into a sell rating category. P lease note that stocks with an NR designation are not included in the
table above.
Equity Valuation and Risks: For valuation methodology and risks associated with covered companies or price targets for covered companies,
please see the most recent company-specific research report at http://www.jpmorganmarkets.com, contact the primary analyst or your J.P.
M organ representative, or email [email protected].
Equity Analysts' Compensation: The equity research analysts responsible for the preparation of this report receive compensation based upon
various factors, including the quality and accuracy of research, client feedback, competitive factors, and overall firm revenues.
Registration of non-US Analysts: Unless otherwise noted, the non-US analysts listed on the front of this report are employees of non-US
affiliates of JPM S, are not registered/qualified as research analysts under NASD/NYSE rules, may not be associated persons of JPM S, and may
not be subject to FINRA Rule 2711 and NYSE Rule 472 restrictions on communications with covered companies, public appearances, and
trading securities held by a research analyst account.
Other Disclosures
J.P . Morgan ("JP M") is the global brand name for J.P . Morgan Securities LLC ("JP MS") and its affiliates worldwide. J.P . Morgan Cazenove is a
marketing name for the U.K. investment banking businesses and EMEA cash equities and equity research businesses of JP Morgan Chase & Co. and its
subsidiaries.
All research reports made available to clients are simultaneously available on our client website, J.P . Morgan Markets. Not all research content is
redistributed, e-mailed or made available to third-party aggregators. For all research reports available on a particular stock, please contact your sales
representative.
5/7
1/26/2015
Le gal En titie s Disclosu re s
U.S .: JP MS is a member of NYSE, FINRA, SIP C and the NFA. JP Morgan Chase Bank, N.A. is a member of FDIC. U.K.: JP Morgan Chase N.A.,
London Branch, is authorised by the P rudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited
regulation by the P rudential Regulation Authority. Details about the extent of our regulation by the P rudential Regulation Authority are available from
J.P . Morgan on request. J.P . Morgan Securities plc (JP MS plc) is a member of the London Stock Exchange and is authorised by the P rudential
Regulation Authority and regulated by the Financial Conduct Authority and the P rudential Regulation Authority. Registered in England & Wales No.
2711006. Registered Office 25 Bank Street, London, E14 5JP . S ou th Africa: J.P . Morgan Equities South Africa P roprietary Limited is a member of
the Johannesburg Securities Exchange and is regulated by the Financial Services Board. Hon g Kon g: J.P . Morgan Securities (Asia P acific) Limited (CE
number AAJ321) is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong and/or J.P . Morgan
Broking (Hong Kong) Limited (CE number AAB027) is regulated by the Securities and Futures Commission in Hong Kong. Kore a: J.P . Morgan
Securities (Far East) Ltd, Seoul Branch, is regulated by the Korea Financial Supervisory Service. Au stralia: J.P . Morgan Australia Limited (JP MAL)
(ABN 52 002 888 011/AFS Licence No: 238188) is regulated by ASIC and J.P . Morgan Securities Australia Limited (JP MSAL) (ABN 61 003 245
234/AFS Licence No: 238066) is regulated by ASIC and is a Market, Clearing and Settlement P articipant of ASX Limited and CHI-X. Taiwan :
J.P .Morgan Securities (T aiwan) Limited is a participant of the T aiwan Stock Exchange (company-type) and regulated by the T aiwan Securities and
Futures Bureau. In dia: J.P . Morgan India P rivate Limited (Corporate Identity Number - U67120MH1992FT C068724), having its registered office at
J.P . Morgan T ower, Off. C.S.T . Road, Kalina, Santacruz - East, Mumbai – 400098, is a member of the National Stock Exchange of India Limited (SEBI
Registration Number - INB 230675231/INF 230675231/INE 230675231) and Bombay Stock Exchange Limited (SEBI Registration Number - INB
010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. T elephone: 91-22-6157 3000, Facsimile: 91-22-6157 3990
and Website: www.jpmipl.com. For non local research reports, this material is not distributed in India by J.P . Morgan India P rivate Limited. Th ailan d:
T his material is issued and distributed in T hailand by JP Morgan Securities (T hailand) Ltd., which is a member of the Stock Exchange of T hailand and is
regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor, 20 North Sathorn Road, Silom,
Bangrak, Bangkok 10500. In don e sia: P T J.P . Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulated by the OJK
a.k.a. BAP EP AM LK. Ph ilippin e s: J.P . Morgan Securities P hilippines Inc. is a T rading P articipant of the P hilippine Stock Exchange and a member
of the Securities Clearing Corporation of the P hilippines and the Securities Investor P rotection Fund. It is regulated by the Securities and Exchange
Commission. Braz il: Banco J.P . Morgan S.A. is regulated by the Comissao de Valores Mobiliarios (CVM) and by the Central Bank of Brazil. Me xico:
J.P . Morgan Casa de Bolsa, S.A. de C.V., J.P . Morgan Grupo Financiero is a member of the Mexican Stock Exchange and authorized to act as a broker
dealer by the National Banking and Securities Exchange Commission. S in gapore : T his material is issued and distributed in Singapore by or through J.P .
Morgan Securities Singapore P rivate Limited (JP MSS) [MCI (P ) 199/03/2014 and Co. Reg. No.: 199405335R] which is a member of the Singapore
Exchange Securities T rading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JP Morgan Chase Bank, N.A., Singapore
branch (JP MCB Singapore) which is regulated by the MAS. T his material is provided in Singapore only to accredited investors, expert investors and
institutional investors, as defined in Section 4A of the Securities and Futures Act, Cap. 289. Recipients of this document are to contact JP MSS or
JP MCB Singapore in respect of any matters arising from, or in connection with, the document. Japan : JP Morgan Securities Japan Co., Ltd. is regulated
by the Financial Services Agency in Japan. Malaysia: T his material is issued and distributed in Malaysia by JP Morgan Securities (Malaysia) Sdn Bhd
(18146-X) which is a P articipating Organization of Bursa Malaysia Berhad and a holder of Capital Markets Services License issued by the Securities
Commission in Malaysia. Pak istan : J. P . Morgan P akistan Broking (P vt.) Ltd is a member of the Karachi Stock Exchange and regulated by the
Securities and Exchange Commission of P akistan. S au di Arabia: J.P . Morgan Saudi Arabia Ltd. is authorized by the Capital Market Authority of the
Kingdom of Saudi Arabia (CMA) to carry out dealing as an agent, arranging, advising and custody, with respect to securities business under licence
number 35-07079 and its registered address is at 8th Floor, Al-Faisaliyah T ower, King Fahad Road, P .O. Box 51907, Riyadh 11553, Kingdom of Saudi
Arabia. Du bai: JP Morgan Chase Bank, N.A., Dubai Branch is regulated by the Dubai Financial Services Authority (DFSA) and its registered address is
Dubai International Financial Centre - Building 3, Level 7, P O Box 506551, Dubai, UAE.
C ou n try an d Re gion S pe cific Disclosu re s
U.K. an d Eu rope an Econ om ic Are a (EEA): Unless specified to the contrary, issued and approved for distribution in the U.K. and the EEA by JP MS
plc. Investment research issued by JP MS plc has been prepared in accordance with JP MS plc's policies for managing conflicts of interest arising as a
result of publication and distribution of investment research. Many European regulators require a firm to establish, implement and maintain such a
policy. T his report has been issued in the U.K. only to persons of a kind described in Article 19 (5), 38, 47 and 49 of the Financial Services and
Markets Act 2000 (Financial P romotion) Order 2005 (all such persons being referred to as "relevant persons"). T his document must not be acted on or
relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is only available to relevant
persons and will be engaged in only with relevant persons. In other EEA countries, the report has been issued to persons regarded as professional
investors (or equivalent) in their home jurisdiction. Au stralia: T his material is issued and distributed by JP MSAL in Australia to "wholesale clients"
only. T his material does not take into account the specific investment objectives, financial situation or particular needs of the recipient. T he recipient
of this material must not distribute it to any third party or outside Australia without the prior written consent of JP MSAL. For the purposes of this
paragraph the term "wholesale client" has the meaning given in section 761G of the Corporations Act 2001. Ge rm an y: T his material is distributed in
Germany by J.P . Morgan Securities plc, Frankfurt Branch and J.P .Morgan Chase Bank, N.A., Frankfurt Branch which are regulated by the Bundesanstalt
für Finanzdienstleistungsaufsicht. Hon g Kon g: T he 1% ownership disclosure as of the previous month end satisfies the requirements under P aragraph
16.5(a) of the Hong Kong Code of Conduct for P ersons Licensed by or Registered with the Securities and Futures Commission. (For research published
within the first ten days of the month, the disclosure may be based on the month end data from two months prior.) J.P . Morgan Broking (Hong Kong)
Limited is the liquidity provider/market maker for derivative warrants, callable bull bear contracts and stock options listed on the Stock Exchange of
Hong Kong Limited. An updated list can be found on HKEx website: http://www.hkex.com.hk. Japan : T here is a risk that a loss may occur due to a
change in the price of the shares in the case of share trading, and that a loss may occur due to the exchange rate in the case of foreign share trading. In
the case of share trading, JP Morgan Securities Japan Co., Ltd., will be receiving a brokerage fee and consumption tax (shouhizei) calculated by
multiplying the executed price by the commission rate which was individually agreed between JP Morgan Securities Japan Co., Ltd., and the customer in
advance. Financial Instruments Firms: JP Morgan Securities Japan Co., Ltd., Kanto Local Finance Bureau (kinsho) No. 82 P articipating Association /
Japan Securities Dealers Association, T he Financial Futures Association of Japan, T ype II Financial Instruments Firms Association and Japan
Investment Advisers Association. Kore a: T his report may have been edited or contributed to from time to time by affiliates of J.P . Morgan Securities
(Far East) Ltd, Seoul Branch. S in gapore : JP MSS and/or its affiliates may have a holding in any of the securities discussed in this report; for securities
where the holding is 1% or greater, the specific holding is disclosed in the Important Disclosures section above. Taiwan : T his material is issued and
distributed in T aiwan by J.P . Morgan Securities (T aiwan Limited). In dia: For private circulation only, not for sale. Pak istan : For private circulation
only, not for sale. Ne w Ze alan d: T his material is issued and distributed by JP MSAL in New Zealand only to persons whose principal business is the
investment of money or who, in the course of and for the purposes of their business, habitually invest money. JP MSAL does not issue or distribute this
material to members of "the public" as determined in accordance with section 3 of the Securities Act 1978. T he recipient of this material must not
distribute it to any third party or outside New Zealand without the prior written consent of JP MSAL. C an ada: T he information contained herein is
not, and under no circumstances is to be construed as, a prospectus, an advertisement, a public offering, an offer to sell securities described herein, or
solicitation of an offer to buy securities described herein, in Canada or any province or territory thereof. Any offer or sale of the securities described
herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and
only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the dealer registration requirement
in the relevant province or territory of Canada in which such offer or sale is made. T he information contained herein is under no circumstances to be
construed as investment advice in any province or territory of Canada and is not tailored to the needs of the recipient. T o the extent that the
information contained herein references securities of an issuer incorporated, formed or created under the laws of Canada or a province or territory of
6/7
1/26/2015
Canada, any trades in such securities must be conducted through a dealer registered in Canada. No securities commission or similar regulatory authority
in Canada has reviewed or in any way passed judgment upon these materials, the information contained herein or the merits of the securities described
herein, and any representation to the contrary is an offence. Du bai: T his report has been issued to persons regarded as professional clients as defined
under the DFSA rules. Braz il: Ombudsman J.P . Morgan: 0800-7700847 / [email protected].
Ge n e ral: Additional information is available upon request. Information has been obtained from sources believed to be reliable but JP Morgan Chase &
Co. or its affiliates and/or subsidiaries (collectively J.P . Morgan) do not warrant its completeness or accuracy except with respect to any disclosures
relative to JP MS and/or its affiliates and the analyst's involvement with the issuer that is the subject of the research. All pricing is as of the close of
market for the securities discussed, unless otherwise stated. Opinions and estimates constitute our judgment as of the date of this material and are
subject to change without notice. P ast performance is not indicative of future results. T his material is not intended as an offer or solicitation for the
purchase or sale of any financial instrument. T he opinions and recommendations herein do not take into account individual client circumstances,
objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies to particular clients. T he
recipient of this report must make its own independent decisions regarding any securities or financial instruments mentioned herein. JP MS distributes in
the U.S. research published by non-U.S. affiliates and accepts responsibility for its contents. P eriodic updates may be provided on companies/industries
based on company specific developments or announcements, market conditions or any other publicly available information. Clients should contact
analysts and execute transactions through a J.P . Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise.
"Other Disclosures" last revised November 29, 2014.
Copyright 2015 JPMorgan Chase & Co. All rights reserved. This report or any portion hereof may not be reprinted, sold or
redistributed without the written consent of J.P. Morgan. #$J&098$#*P
7/7

Keppel Land (KPLD SP)

Transcription

Similar documents

Document 6448470

20141222 Appointment of Sarah Morgan

Love Letters Humane Society of Morgan County

Mariner 25HP - Morgan Marine

FULL BIO-DES 2015.indd

Classic Flyer

WELCOME #MORGANADVENTURE WWW.MORGAN

“Atchafalaya: Friend or Foe”

Admissions Presentation - Morgan State University

morgan 3 wheeler 2014