January 19, 2012 / 3:22 AM / 6 years ago

REFILE-Singapore Hot Stocks-Keppel Land up on talk of special dividend

(Refiles to fix missing words)

SINGAPORE, Jan 19 (Reuters) - Shares of Singapore property developer Keppel Land rose as much as 3.2 percent on expectations the company will pay a special dividend when it reports full-year result on Thursday.

By 0310 GMT, Keppel Land shares were up 2.8 percent at S$2.58 on volume of 3.5 million shares, 1.2 times the average daily volume traded over the last 30 days. The broader Straits Times Index was 0.7 percent higher.

“There are expectations that they will be paying out some special dividend,” said Wilson Liew, an analyst at brokerage Kim Eng.

Keppel Land’s shares have jumped about 15 percent so far this year versus a 6 percent rise in the broader market.

JP Morgan said in a note this week that Keppel Land is likely to declare a special dividend from the proceeds of selling the Ocean Financial Centre in the city-state.

This implies a total dividend yield of 7.3 percent for Keppel Land’s 2011 fiscal year ended December, JP Morgan said.

The brokerage expected Keppel Land to report 2011 revenues of S$911 million ($712 million), up 15 percent from a year ago, with core net profit at S$381 million, 50 percent higher year-on-year. ($1 = 1.2797 Singapore dollars) (Reporting by Eveline Danubrata; Editing by Anshuman Daga)

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