SINGAPORE (Nov 5): DBS is maintaining its “buy” call on CapitaLand with a target price of $3.73 given the improved outlook in China and the property group offers value.

“We expect the group’s strategy to focus on growing its commercial portfolio, and coupled with opportunistic asset recycling of mature assets into its listed REITs/funds will present upside to our earnings,” says lead analyst Derek Tan in a Thursday report.

Currently, CapitaLand’s property portfolio has up to 75% of its assets in retail malls, and commercial integrated developments, including Ascott Group, which offer strong income visibility in the medium term.

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