Tuesday, 11 August 2015


UOBKayhian on 6 Aug 2015

FY15F PE (x): 20.9
FY16F PE (x): 19.6

Results marginally below expectations. CapitaLand reported 2Q15 net profit of S$464m, up 5.8% yoy bringing the overall 1H15 PATMI from continuing operations to S$625.3m, up 6.7% yoy. Excluding exceptional items, core operating PATMI of S$301m was slightly below with our expectations, accounting for 44.6% of our full-year forecast. Maintain BUY with an unchanged target price of S$4.08, pegged at a 20% discount to our RNAV of S$5.11/share. 

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