Morningstar - CapitaLand Limited (C31) CapitaLand Remains Undervalued after 1Q Result

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Morningstar

Michael Wu

EUR 100.00 For Business Accounts Only

CapitaLand Remains Undervalued after 1Q Result

There is no change in our long-term thesis on narrow-moat CapitaLand after the first-quarter result and the focus on the firm remains on the execution of its long-term strategy. Our fair value of SGD 4.20 is unchanged and represents a price/book ratio of 1 times. Trading at a 10% discount to our fair value and on price/book of 0.9 times, the market is undervaluing the group's regional growth prospects, the rising disposable income, and consumption growth in China and the rest of Asia. This was r...

02/05/2018 13 EN

Underlying

CapitaLand Limited

CapitaLand is a real estate company based in Singapore. Co. is engaged in real estate development, investment in real estate, financial products and real estate assets, investment advisory and management services as well as management of serviced residences. Co.'s real estate portfolio includes integrated developments, shopping malls, serviced residences, offices and homes. Co.'s two core markets are Singapore and China. Co. maintains a real estate fund management businesses with assets located in Asia. Co.'s listed real estate investment trusts are: Ascott Residence Trust, CapitaLand Commercial Trust, CapitaLand Mall Trust, CapitaLand Retail China Trust and CapitaMalls Malaysia Trust.

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SG1J27887962 Singapore Exchange Singapore

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Michael Wu

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CapitaLand Remains Undervalued after 1Q Result

Henderson Land Development Co Ltd - Company Profile and SWOT Analysis

CICT Placement

Strategy - Imminent changes to MSCI Singapore weightings

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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