Capitaland

Capitaland: Nomura maintains buy but reduce TP to $4.17 from $4.41. Cite that Land banking opportunities in China surfacing are likely more productive use of capital. Raise NAV estimate from $4.41 to $4.50 but ascribe a 45% discount to grp’s development business in China to reflect the challenging near-term outlook. Recommend Buy on attractive valuation, as 2011 is likely to see well located and managed malls assert their comparative advantage.