Capitaland has been added as a laggard property play among the developers with a target price of $4.21. Furthermore, Lim believes there are opportunities for the group to reallocate its portfolio from City Developments (CDL) given the change in the latter’s CEO, as it may take time to convince the market that its execution of strategy remains on track.
SINGAPORE (Aug 21): CIMB has highlighted CapitaLand, Wilmar International and Sembcorp Industries (SCI) among its top “add” picks while noting that Singapore’s corporates are now increasingly being disrupted by asset-light, lower-cost new economy disruptors.
In a report issued last Wednesday, analyst Lim Siew Khee says while were more misses than beats in 2Q17 season, she nonetheless sees a net +2% q-o-q earnings upgrade to CIMB’s forecasts for FY17 and FY18 due to the results outperformers.
