SINGAPORE (Nov 9): CapitaLand’s third quarter results show a “sizzling” period of sales for its China business, allowing it to shrug off a bleak outlook for its Singapore segment, UOB Kay Hian notes.

Singapore’s weak market, thanks largely to government cooling measures and limited demand prospects, has made the city-state a weak point on developers’ balance sheets. “Management remains cautious on the outlook for the

Singapore market with extension charges incurred this quarter, although the resilient balance sheet should well absorb future penalties,” UOB Kay Hian says, maintaining its buy recommendation and target price of $4.08 a share.

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