CapitaLand

CapitaLand: StanChart has a 2013 Asia equities outlook. Amongst the Singapore stocks, only CapitaLand makes it to the house’s top stock ideas. SC expects CAPL’ s earnings to bottom in 2012 before growing at a 25% CAGR in 2012-15E as residential projects in Singapore and China are completed. This marks the strongest EPS CAGR among the property companies under its coverage. Also expects CAPL to be a secondary beneficiary as its 65%-owned CMA begins divesting China assets annually to recycle capital. Notes CAPL’s valuations remain attractive at 0.8x its $4.52 RNAV estimate. Tips Outperform with TP $3.85.