Report
Chokwai Lee

Government Acts Decisively on Tightening Measures; Value Emerges in Singapore Real Estate Developers

With residential property prices in Singapore appreciating strongly over the past year, the government has acted decisively in lifting the additional buyer's stamp duty, or ABSD, rates and loan/value, or LTV, limits on residential property. Shares in the real estate sector reacted sharply lower to the unexpected announcement and we believe the market is over-reacting. While the cooling measures will dent short-term sentiment, resulting in a lower level of residential property transactions and pr...
Underlying
Keppel Corporation Limited

Keppel is an investment holding company. Co. is engaged in provision of management services. Through its subsidiaries, Co. is principally engaged in offshore oil-rig construction; shipbuilding; ship repair and conversion; chartering tugs and other marine services; environmental engineering; power generation; provision of broadband services; provision of telecommunication network services; trading of communication accessories; shipping operation; warehousing and distribution; property development and investment; property fund management; and investments. Co. operates four business segments: Offshore and Marine, Infrastructure, Property and Investments.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Chokwai Lee

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