As I’ve lamented in the past, Singapore’s CapitaLand (OTCPK:CLLDY) (CATL.SI) seems stuck in the S$3 to S$4 range no matter what the company does. Although capital recycling, earnings and ROE exceeded expectations in 2018, the stock couldn’t break out of that range. Likewise with the thesis-changing acquisition of Ascendas-Singbridge (“Ascendas”), though the shares are at least a little higher now than when I last wrote about the company.
I continue to believe that CapitaLand is undervalued, and the Ascendas acquisition should not only meaningfully diversify the company, but also create a