CapitaLand

CapitaLand: Credit Suisse says the stock is trading near levels where it first initiated its share buyback program in Sep. Notes, the stock is down 13% over the past five weeks, likely due to weaker-than-expected 1Q12 results on weak development profit. But the house expects earnings momentum to improve in the coming quarters driven by stronger contribution from CMA and better development profits with the completion of The Wharf in 3Q12. Notes CapitaLand bought 25 m shares, or 0.6% of the total, from Sept. 6-Oct. 7, with the company securing a mandate to buy back another 2%, or 85 m shares this year. Says valuations remain attractive at 0.73X P/B, and re-rating of CMA (30% of asset) is the key catalyst. Keeps an Outperform call with TP $3.58. The stock is up 1.9% at $2.73.