CapitaLand

CapitaLand | Buy

Target price: $4.25

June 28 close: $3.13

Broker: RHB, June 28

CapitaLand remains our top large-cap pick. Its 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 that 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.

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