Keppel Land tagged as 'value laggard'

But analysts believe this is actually attractive to investors - but on what grounds?

According to OCBC, as of end FY11, KPLD was trading at 55% discount to RNAV versus CAPL’s 40% and CDL’s 31%.

Here's more from OCBC:

Since we last reiterated BUY on 20 Jan, the share price has appreciated 31.1%. We see this driven by three catalysts: 1) a large 20 S-cents dividend (announced 19 Jan) which eliminated the discount on the corresponding cash component of RNAV - now riskless and to be paid out, 2) increasing expectations of policy loosening in China, and 3) stronger than expected Jan12 residential sales in Singapore.

Moreover, KPLD was a value laggard – as of end FY11, KPLD was trading at 55% discount to RNAV versus CAPL’s 40% and CDL’s 31% – which we believe was attractive to investors looking for a value buffer in the market rally.