Capitaland

Capitaland: Morgan Stanley stays O/w, with TP $4.25, House tweaks for 2013 Quarterlies and cut 2013 net income by 4%, reflecting 2013 quarterly model rollout. The recent 14% pullback for the stock from its February 2013 peak means its residential business is at ~20% of RNAV. What to watch for during 2013 : 1) China residential (expect sales of 3,013 units down 5% from 2012); 2) Singapore residential (forecast a strong year, with 1,154 units, driven by discounting of its d’Leedon and Interlace projects) 3) Corporate realignment - new CEO, Mr Lim Ming Yan, suggested that the co would be ready to quantify and implement the planned organizational changes within six months.