Friday, April 21, 2006

Stock Upgraded: CapitaLand fair value raised to 5.44 sgd by CIMB-GK

CapitaLand Ltd may rise after CIMB-GK Research raised its fair value for the stock to 5.44 sgd from 5.30 on hopes it will win the government license to build a resort with casino on Marina Bay and as the firm grows its fund management business. On Wednesday, CapitaLand said unit CapitaLand Retail India Investments Pte Ltd agreed to invest 75 mln usd in Horizon Realty Fund LLC, an international fund sponsored by India's biggest retailer Pantaloon, to pursue retail and property opportunities in India. CapitaLand also agreed with Pantaloon to form a 50-50 joint venture retail management company and a 50-50 joint venture fund management firm. CapitaLand rose 0.09 sgd to close at 5.05 yesterday.

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