In a report last Friday, analyst Tara Wong says she remains positive on CapitaLand as management is expecting 4Q18 to be a bumper quarter, stemming from healthy China residential pre-sales with over 90% takeup rates in 4Q18 launches so far.
SINGAPORE (Nov 22): Despite a change of analyst, Phillip Capital is maintaining CapitaLand at “accumulate” with a lower target price of $4 compared to $4.19 previously, translating to a FY18E P/NAV ratio of 0.72 times.
This comes after the real estate developer recently released its 3Q18 results where earnings rose 13.6% on-year to $362.2 million on lower costs and expenses, and in line with the research house’s forecasts.
