Her valuation is based on the fact that CLI’s share price has declined 22% since its recent peak on Aug 10, with the stock currently trading at around a 1.1x price-to-net asset value ratio (P/NAV) and at a 37% discount to her revalued net asset value (RNAV) of $5.10. Her unchanged TP of $4.59 is pegged to a 10% discount to Lock’s RNAV.
CGS-CIMB Research analyst Lock Mun Yee has reiterated her “add” rating for Capitaland Investment (CLI) with an unchanged target price (TP) of $4.59.
In her report dated Oct 17, the analyst cites CLI’s “fiscal discipline” and “patience in capital deployment”, even as the lodging management business continues to benefit from strong travel recovery as upsides to the stock.
