Maintain BUY; Results in Line

• CapitaLand’s 1H18 EBIT of SGD1.1b was in line at 47% of our full-year forecast. Trading at 0.7x P/BV, 40% RNAV discount and offering a solid 4% yield, we continue to see good value in the stock.
• Maintain BUY with SGD3.80 Target Price, based on 30% discount to RNAV of SGD5.45.
• In 2Q18, CapitaLand spent SGD191m buying back shares at prices mostly above SGD3.50. With the results blackout now over, the company could resume its share buyback programme and we expect this to support CapitaLand's share price.

Source: Maybank Kim Eng Research - 08 Aug 2018