DBS Group Research and CGS-CIMB Research has maintained their “Buy/Add” calls on CapitaLand (CAPL) despite a decline in profit after tax and minority interests (PATMI) in 1H2020.

DBS and CGS-CIMB have target prices of $3.70 and $3.42, respectively. 

DBS analysts Derek Tan and Rachel Tan said 1H20 PATMI declined as expected, weighed on by rebates for commercial division and closures in lodging division. Total PATMI fell 89% y-o-y to $96.6 million due to revaluation deficits recorded by its retail and commercial REITs. Excluding this, core PATMI came in at $261.2 million, down 27.7% y-o-y.

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