Even though CapitaLand (OTCPK:CLLDY)
(CATL.SI) has established a reputation for itself as a quality property
developer in Singapore and China, investors seem to be more scared of
the near-term risks in Singapore and China than attracted to the
long-term potential. Trading well below its average and median
price/book and price/RNAV ratios, investors seem to be incorporating
pretty pessimistic expectations for the business both in 2014 and
beyond. Readers considering these shares today need to appreciate the
risks of swimming against the tide, but patience could pay off given the
company's leverage to China's growth and management's commitment to
streamline and improve operations.
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CapitaLand's Valuation Looks Too Low
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