Brokers' take
CapitaLand | Buy Target price: S$4.00 Sept 24 close: S$3.36 RHB Research Institute, Sept 24
We maintain "buy", with a target price of S$4.00 with a 19 per cent upside. Despite a challenging global real estate landscape, CapitaLand has been fairly active in capital recycling efforts this year, with around S$3.9 billion in divestments/investments in the year to date, realising S$240 million in gains.
It has also effectively redeployed equivalent proceeds across Singapore, China, the US, Europe and Vietnam to achieve an optimal asset mix. We believe these indicate it is taking concerted efforts to achieve a sustainable return on equity target of more than 8 per cent.
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