Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-OCBC raises CapitaLand target price

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STOCKS NEWS SINGAPORE-OCBC raises CapitaLand target price Aug 2nd 2012, 01:56 Wed Aug 1, 2012 9:56pm EDT OCBC Investment Research raised its target price for property developer CapitaLand Ltd to S$3.32 from S$3.25, and kept its buy rating, citing higher valuations of its listed units. By 0138 GMT, shares of CapitaLand were 0.7 percent higher at S$3.06, and have surged 38 percent since the start of the year, compared to the Straits Times Index's 15 percent rise. CapitaLand posted a 3.3 percent fall in its second quarter net profit to S$385.9 million, in line with OCBC's estimates. The third-phase launch of CapitaLand's Beaufort development in Beijing saw good sales with over 61 percent of units sold, and the company sold 812 units in China in the second quarter, up 218 percent from the previous three months, OCBC said. "We think current valuations remain undemanding, and continue to favour its sound balance sheet with S$5.1 billion in cash and net gearing of 0.41," the brokerage said.

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