Capitaland: Daiwa maintains O/p, with TP $3.50. Note that share price has U/p sharply due to its China exposure (36% of total assets) and its 65%-owned CMA, due to start-up losses at its China malls.
Believe stock oversold, despite Co. exposed to policy risk in its key markets, but its combined residential exposure to China and Spore is only about 20% of gross asset value. Tip once policy overhang clears, housing mkt in SG could be more resilient
than the mkt expects, which would be a significant positive catalyst for
the stock. Trades at a cheap 26% discount to NAV, vs historic avg premium of 4%.
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