CapitaLand: (S$3.16) 2Q16 in line; expect stronger 2H
- 2Q16 core earnings of $171.6m (-33% y/y) brought 1H16 total to $324.4m (-21.1%), 42% of consensus full year estimates.
- Revenue improved 9.7% underpinned by higher contribution from development projects in Singapore and China, as well as increased rental income from both the serviced residence business and office tower CapitaGreen.
- Overall, Maybank KE expects a stronger 2H performance from the handover of more pre-sold homes units in China.
- At the current price, CapitaLand is trading at a 37% discount to its RNAV of $5.00.
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