0234 GMT - CapitaLand Investment is likely to perform well operationally but seems cautious about 2025, based on management's commentary, UOB Kay Hian's Adrian Loh says in a research report. Revaluations from the real asset manager's S$8 billion of REITs have been positive this year with India and Singapore continuing to be robust, the analyst says. However, management noted that the Singapore-listed company faces weakness in the U.S., Europe and Australia with largest negative factor being China, he says. Hence, China's weaker economic conditions compared with year-earlier period will probably result in negative asset revaluations, he adds. The brokerage cuts the stock's target price to S$3.85 from S$4.04 with an unchanged buy rating. Shares are 1.1% higher at S$2.82. (ronnie.harui@wsj.com)
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