CapitaLand off 0.6% at $3.59 in light trade. Stock is stock down as much 18% since mid-Apr peak of $4.25, hurt largely by concerns over developer's exposure in China but selling pressure may be easing as volume tapering off in recent sessions. Citigroup, which has Buy call with $4.34 target, believes concerns over sales slowdown in China overdone with current valuation at 1.1x P/B.
Even if all its listed subsidiaries and associates are marked to market and zero surpluses attributed for its residential sites in China and Singapore, the stock should still be worth $3.70.
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