CapitaLand

CapitaLand: HSBC has an Overweight rating with $4.89 target, pegged to FY11E RNAV. Notes CapitaLand shares have underperformed peers since early 2010 (we mentioned this many times), and likely already factors in the negative pertaining to mgt departures, perceived sub-optimal deployment of cash and holding company discount. Tips 2011 as the year when various parts of the business start to deliver, (ie. Ascott, Australand, Spore & China property divisions), resulting in a re-rating for CapL.