Singapore Stock Market News

CapitaLand - Valuation close to trough

StockFanatic
Publish date: Mon, 12 Oct 2015, 11:06 AM
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Over the last three months, CapitaLand's (CAPL) shares have corrected by 22%, underperforming the FSSTI by 6 ppts and Chinese developers (under our coverage) by 7ppts. Discount to RNAV has also widened by 15ppt to 46%.

In this in-depth report, we review CAPL's "One CapitaLand" strategy, refresh our estimates and assess CAPL's medium-term ROE target of 8-12%. Post revision, we are still calling for 24% core earnings CAGR (2015-18E).
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