RESEARCH ALERT-OCBC raises CapitaMalls target price

SINGAPORE Feb 13 (Reuters) - OCBC Investment Research has raised its target price for Singapore's shopping mall developer CapitaMalls Asia Ltd to S$1.79 from S$1.48 and maintained its buy rating.

CapitaMalls' shares have surged 31 percent so far this year and closed at S$1.48 on Friday.

STATEMENT:

CapitaMalls said on Friday its fourth quarter net profit rose 43 percent to S$205.4 million, in line with OCBC's expectations.

The brokerage said it forecast CapitaMalls' recurring profit to jump 84 percent in 2012 to S$221 million, as more of its shopping malls begin operations.

"We also expect China's loosening monetary policy stance to limit the downside for CapitaMalls' Chinese exposure," OCBC said in a report. (Reporting by Charmian Kok; Editing by Anshuman Daga)