Site visits and discussions with staff from ground up to senior management level resonate with the “One CapitaLand” strategy. The streamlining of operations post CMA’s privatisation would help enhance CapitaLand’s competitive strengths in integrated developments, and thus narrow holding company discounts. CapitaLand is on track to deliver ROE target of 8-12% in the next 3-5 years. Maintain BUY. Target price of S$4.08 is pegged at a 20% discount to our RNAV of S$5.11/share.
CapitaLand is trading at an attractive 36%…
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