Stock Name: Capitaland
Company Name: CAPITALAND LIMITED
Research House: CIMB
Company Name: CAPITALAND LIMITED
Research House: CIMB
CIMB downgrades CapitaLand (C31.SG) to Neutral from Outperform, trims target price to $4.11 from $4.39, pegged at parity-to-RNAV vs 10% premium previously, to reflect lower valuations for CapitaMalls Asia (JS8.SG), its REITs, says Dow Jones.
“A tighter valuation discount gap vs its China-listed peers and a much more competitive landscape for acquisitions make for a less compelling investment case,” says CIMB.
Research house adds while developer considering more acquisitions in Asia, “the current environment of hefty asset values could limit upside potential.” Shares +1.0% at $4.12.
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