• Maintain BUY with a slightly higher Target Price of SGD4.00 from SGD3.95, with 20% upside.
• CapitaLand’s recent acquisitions in Singapore and China demonstrate its continued efforts to recycle capital and rebalance its portfolio mix. The active capital recycling strategy plus the steady build- up in recurring income should help in its efforts to boost ROE.
• Balance sheet remains healthy with gearing at 0.5x, and 73% of its debt is fixed.
• CapitaLand's share price remains well supported by dividend yields of 4% and continued share buybacks. It is our Top Pick among property large caps.

Source: RHB Invest Research - 23 Aug 2018