CapitaLand

CapitaLand: Credit Suisse notes CapitaLand is now at 0.83x P/B – not too far off from the 0.71-0.80x during Sep-Oct 2011, when it initiated share buybacks at $2.34-2.64. Highlights CAPL still has a 2% buyback mandate (~85m shares), which it could exercise. Says given current valuations, downside risk for CAPL is limited from here. Expects earnings momentum to improve in 2013, driven by CMA, better profit recognition from Singapore and China. Maintains Outperform with TP $4.53.