Singapore Stock Market News

CapitaLand - Building an edge in China

StockFanatic
Publish date: Thu, 28 Nov 2013, 01:10 PM
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Our recent ground checks on CapLand's China projects suggest that it is gradually establishing an edge in large-scale mixed developments. Asset build is on track and retail footfalls are encouraging. Its attitude of improving returns at the project level is also a positive, in our view.

We tweak our FY13-15 core EPS by 1-2% but keep our target price, based on a 20% discount to RNAV. CapLand remains an Outperform, with catalysts from more capital recycling and yield uplifts.
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