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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