Singapore Stock Market News

CapitaLand - Impressions from west China

StockFanatic
Publish date: Tue, 06 Nov 2012, 12:30 PM
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Our visits to some of CapitaLand's projects in west China reinforced our view that operating numbers are set to improve in FY13-14. What stood out were the sustained recovery of the mass-mid residential segment and the quality of assets in its Raffles City portfolio.

We tweak our FY12-14 core EPS as we update our China sales estimates after this trip. No changes to our Outperform call and target price, still at 20% discount to RNAV. We expect catalysts to come from an earnings and NAV resurgence in FY13-14.
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