Capitaland: DMG maintains Buy, TP $3.52. House note that China residential headwinds intact.
Sites acquired in China through the OODL transaction are in good locations and present a value proposition. Any upside potential for CapitaLand regarding its China residential exposure is capped in the near term with policy headwinds intact. Poor share price performance over c.14% over China residential exposure is largely overdone. The bright spot lies with its commercial/retail exposure through 65% owned CMA.
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