SINGAPORE (Nov 22): Despite a change of analyst, Phillip Capital is maintaining CapitaLand at “accumulate” with a lower target price of $4 compared to $4.19 previously, translating to a FY18E P/NAV ratio of 0.72 times.

This comes after the real estate developer recently released its 3Q18 results where earnings rose 13.6% on-year to $362.2 million on lower costs and expenses, and in line with the research house’s forecasts.

In a report last Friday, analyst Tara Wong says she remains positive on CapitaLand as management is expecting 4Q18 to be a bumper quarter, stemming from healthy China residential pre-sales with over 90% takeup rates in 4Q18 launches so far.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook