Singapore shares drifted lower, but Southeast Asia’s largest developer CapitaLand and its associated companies outperformed the market after several brokers issued positive reports following the company’s strong third-quarter earnings.
The Straits Times Index was down 0.25% at 3,031.26, while MSCI index of Asia-Pacific shares outside Japan rose 0.3%.
CapitaLand shares rose as much as 1.5%, while CapitaMall Trust gained 1% and CapitaMalls Asia advanced as much as 0.8%.
CapitaLand reported on Tuesday an 85% rise in third-quarter net profit, boosted by portfolio gains and higher operating income.
CIMB Research sees a sustained uptick in China sales, an asset build-up that appears on track, and improved operating income across segments. CIMB raised its target on CapitaLand to $3.97 from $3.64 and maintained its ‘outperform’ rating.
Nomura said, in contrast to Keppel Land Ltd’ssequentially lower residential property sales in China, CapitaLand’s projects in China have seen relatively more robust sales momentum in the third quarter.
Nomura maintained its ’buy’ rating and $3.50 target price.
Shares of Global Logistic Properties rose after the company acquired an additional 20% in its largest logistics park in China, GLP Park Suzhou, from its joint venture partner for 392.3 million yuan ($76.8 million).
GLP shares gained as much as 1.6% on volume of nearly 11 million shares, 1.2 times the average full-day volume over the past 30 days.
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