0303 GMT [Dow Jones] STOCK CALL: CapitaCommercial Trust's (C61U.SG) move to raise new equity to address FY10 debt maturities, pre-empt potential revaluation deficit wasn't entirely a surprise, Nomura says, but adds rights units' discount steeper than house's expectation. Still, says management has shown ability to contain portfolio vacancy in 1Q09's difficult leasing environment, execute refinancing of S$736 million of borrowings due this year despite challenging credit market conditions. Estimates stock trading at implied EV of about S$1,200psf for prime office assets vs S$1,061-S$1,280psf achieved for less prime/older office buildings. "We believe the market continues to undervalue CCT's portfolio, which appears all the more unwarranted, in our view, now that the balance sheet is strengthened with fresh equity." Keeps at Buy, sets target at S$1.07. Shares down 0.6% at S$0.84. (LES)