Capitaland

Capitaland: UBS maintains Buy and raises TP to $3.92 from $3.60. House had site visit on CAPL's and CMA's China projects. Note that China residential earnings should feature strongly in 4Q as 1300 units are expected to be handed over to owners. \Retail malls performing well with operational malls ~60-65% of China NAV vs 39% in 2010. Serviced residences on track to reach 12k units by 2015. Marking listed entities to market and raising RNAV to $4.61.