HSBC downgraded Singapore property developer CapitaLand to neutral from overweight but raised its target price to $3.05 from $2.70.
CapitaLand said on Tuesday its net profit for the three months ended December fell 20% to $476.6 million, hurt by lower earnings from developments and smaller portfolio gains.
CapitaLand said on Tuesday its net profit for the three months ended December fell 20% to $476.6 million, hurt by lower earnings from developments and smaller portfolio gains.
HSBC said the developer’s earnings came in below its expectations, and CapitaLand’s investments were likely to take a backseat as the operating environment remained uncertain.
Shares of CapitaLand were 0.7% higher at $2.92 in early trade.
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