What are CapitaLand's growth pillars?

The property developer is leaning heavily on local and Chinese residential and mall projects to propel its earnings.

In Singapore, the potential profitmaker will be the newly launched Sky Habitat. While in China, The Metropolis and The Pinnacle as well as a retail site in Beijing should keep income flowing down the road.

Here's more from DBS:

Near term earnings are driven by CMA and residential activities. The recent launch of Sky Habitat saw 25% of units (127) sold. This, in addition to the 57 homes sold in 1Q worth S$88m and S$1.35bn of sales locked in last year, will support growth in Singapore. Meanwhile, progressive delivery of 4,913 units in China from 2012-14, should boost income.

Plans to launch more phases at The Metropolis and The Pinnacle and value homes in Wuhan should underpin income visibility in the medium term. Completion of RC Ningbo and Chengdu in 3Q12 should also boost recurrent income. With the acquisition of a retail site in South Beijing by CMA, new investments for the group amounted to S$11.5bn. The impact of accretion from these projects will be felt in the coming years.

We believe the group is coming out of earnings and valuation trough and a gradual completion of its new investments will enhance valuations going forward.