not vested
CapitaLand (CAPL SP, BUY, TP: SGD4.25)Replenishing Its China Land Bank
Company Update
Maintain BUY with a higher TP of SGD4.25, from SGD4.20, 36% upside and a 4% dividend yield.
CapitaLand remains our Top large-cap Pick. This latest acquisition of a Chongqing site is a timely move to replenish its land bank.
We believe the recent share price weakness stems from macro concerns on an escalation in global trade tensions which resulted in fund outflows from equities.
Fundamentally, we expect sales and prices across its residential project in China to remain steady. We also expect it to benefit from a continuous build up in its recurring income base, with eight malls opening last year and a higher fee income.
Source: RHB
https://research.rhbtradesmart.com/atta ... db47fa.pdf
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