SINGAPORE (Nov 16): RHB Research and OCBC Investment Research are maintaining CapitaLand at “buy” after 3Q18 numbers came in line with expectations.

CapitaLand’s 3Q18 gross profit jumped 15.3% to $583.7 million but revenue fell largely due to lower contributions from projects in Singapore and China. PATMI and operating PATMI rose 13.6% and 13.3% y-o-y to $362.2 million and $233.7 million, respectively.

OCBC analyst Andy Wong Teck Ching says CapitaLand in China has been actively reconstituting its portfolio, making total investments of $6.1 billion year to date versus divestments of $4 billion, which generated gains of $288.7 million.

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