CapitaLand (C31.SG) last +0.8% at $3.92, in line with broad market advance despite developer Friday posting 43.2% on-year fall in 3Q net profit to $159.6 million, down 66.5% on quarter, revenue at $684.6 million, down 34% on year, off 21.7% on quarter; falls due to lower recognition from group’s residential projects in Singapore, drop in rental income from its shopping malls business after divesting Clarke Quay to CapitaMall Trust, injection of three malls into CapitaMalls Malaysia Trust. 

OCBC, which keeps Buy call, revised $4.54 fair value, says with “comfortable” net gearing of 0.21 debt-to-equity, how CapLand deploys balance sheet both its “biggest opportunity and its biggest risk.” Adds while uncertainties — economic in West, potential asset bubble in East — remain, “we think CapLand’s valuations are attractive at the $3.89 price level.”