Brokers' take

CapitaLand | Buy Target price: S$3.62 Sept 19 close: S$3.37 DBS Group Research, Sept 19

CapitaLand announced the acquisition of 16 freehold multi-family properties in the US for US$835 million. The target portfolio consists of 3,787 apartment units.

Positive market dynamics driven by stronger business activities and employment growth opportunities in the submarkets underpin demand for offices and multi-family homes.

The multi-family asset class is widely seen to offer resilient cashflows and we see this asset class as an expansion of the group's established corporate housing business under Ascott. Metrics - like the portfolio location within cities that enjoy strong employment growth and in …