SingLand's 4Q08 core net profit of S$67.2m forms 40% of our full-year forecast and consensus. This was due to higher margins from Pan Pacific Singapore. Contributions remained strong from the rental and hotel segments but these were overshadowed by fair-value losses booked for its investment properties in 4Q08 amounting to S$319.7m. SingLand has taken the lead in cutting its asset valuations significantly by 8-10% and we expect S-REITs to follow suit. Risks of further write-downs remain high, in our view. Our target price, still pegged at a 40% discount to RNAV, remains S$3.54, in line with the valuation benchmark of S$3.57 set by UOL in its recent takeover bid for UIC. Maintain Underperform.