CapitaLand

CapitaLand: Credit Suisse says, "don't fight the central banks", noting real estate tends to outperform in an easing environment. But with real estate up 9.8% ytd and Chinese real estate up 20.6%, compared with the MSCI Asia ex-Japan's 1.7% rise, it tips focusing on stock with P/Bs near 2008-09 lows. In Hong Kong, it says those are COLI (0688.HK), SHKP (0016.HK) and Cheung Kong (0001.HK), while in Singapore, it is CapitaLand. Says, while there is always a risk of undervalued stocks becoming even more undervalued, believes price-to-book at 2008-09 lows provides some valuation support. Notes CapitaLand's P/B is at 0.73X, about 15% above its 2008-09 lows, while City Dev is at 1.26X, about 50% above its 2008-09 lows of 0.83X. CapitaLand is up 3.1% at $2.68, and CityDev is up 1.6% at $9.96.