Capitaland

Capitaland: Morgan Stanley maintains O/w and raises TP to $4.20 from $3.80. Note that Round 7 of market-cooling measures is a game changer for Singapore’s residential market, but not for CapitaLand, as its' China assets account for 40% of the co’s diversified portfolio. Expect the market to focus increasingly on China as CapitaLand reviews non-core assets, such as Australia, and SG reinvestment becomes more challenging.