NOMURA is most bullish on Indonesian and Singapore property developers in the Asean region this year, the research house said in a report on Monday.

For Indonesian developers, it is because better-than-expected marketing sales in 2015 will likely support their stock performances. For Singapore developers, Nomura expects lower prices to stimulate demand this year and pave the way for potential policy easing in the second half of 2015.

CapitaLand, City Developments (CDL) and Wing Tai are among four stocks that have seen consensus upward revisions over the past year. They also have "undemanding-looking" valuations and are trading at discounts to their historical average valuations, Nomura said.

The fourth stock is Indonesian developer Bumi Serpong Damai.

"Essentially, these are stocks where the outlook has improved but this is yet to be priced," it said.

"If the market's view on the stock has been increasingly more positive, but the share price has yet to fully reflect this, then it could be a buying opportunity for investors in our view."

Nomura added that the upward target price revision trend for CapitaLand could be due to the privatisation of CapitaMalls Asia last year, which is likely to boost CapitaLand's return on equity, as well as expectations of policy easing in China's housing market.

CDL and Wing Tai also got target price improvements because the market believes that Singapore's prime luxury housing market could be bottoming out. This is especially given the interest from private equity funds in recent transactions, including the securitisation of CDL's Sentosa Cove assets last December.

Nomura covers four Asean markets: Indonesia, Malaysia, Singapore and Thailand.

It is bearish and cautious on the Malaysia property market, while more selective on Thai developers at current valuations, believing that much of the past year's optimism has already been captured by stock valuations.