As at 1.19pm, shares in CapitaLand are trading 1 cent lower or 0.3% down at $3.70 or 0.82 times P/BV, according to CGS-CIMB.
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CGS-CIMB analyst Lock Mun Yee has kept ‘add’ on CapitaLand with an unchanged target price of $4.04 after the group divested part of its stakes in six Raffles City developments in China on June 28.
The agreed portfolio value of RMB46.7 billion ($9.6 billion) is at a 6.7% premium to valuation, notes Lock.
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