Capitaland 02 (Jun 10 - Dec 19)

Re: Capitaland 02 (Jun 10 - Dec 19)

Postby winston » Mon Dec 03, 2018 9:19 am

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Extending Its Wings

We update our model to incorporate the latest data points on Jewel Changi, overseas acquisitions and earlier recognition of China residential sales.

New acquisitions include the 16 US multi-family properties, as well as an effective stake of 20.85% in Shanghai’s tallest twin towers.

We maintain BUY with a raised target price of S$4.40, pegged to a 20% discount to our revised RNAV.

Source: UOBKH

https://research.uobkayhian.com/content ... fd392b3e46
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Re: Capitaland 02 (Jun 10 - Dec 19)

Postby behappyalways » Mon Jan 07, 2019 8:25 pm

CapitaLand in JV to acquire 70% of Pufa Tower in Shanghai CBD for $546 mil
https://www.theedgesingapore.com/capita ... bd-546-mil
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Re: Capitaland 02 (Jun 10 - Dec 19)

Postby winston » Tue Jan 15, 2019 9:20 am

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CapitaLand Limited: The making of a real estate behemoth

CapitaLand announced that it has entered into a transaction with Temasek to acquire a 100%-stake in Ascendas-Singbridge.

The proposed transaction is valued at an enterprise value of S$10.9b, of which S$6.0b is the equity value.

The purchase consideration will be satisfied by 50% in cash (S$3.0b) and 50% in new CapitaLand shares (S$3.0b) which will be priced at S$3.50 per share.

On a pro forma basis, this deal would be accretive to EPS and ROE, but dilutive to NTA per share. However, this proposed transaction will significantly increase CapitaLand’s scale in its core markets, while allowing it to penetrate new growth geographies and sectors.

This will enable CapitaLand to compete more effectively on the global real estate scene.

CapitaLand expects to reap synergies (more on revenue growth than cost savings), thus allowing future growth in ROE and NTA.

While net gearing is expected to increase, management has plans to deleverage in the future.

For now, we maintain our BUY rating and fair value estimate of S$3.96.

Source: OCBC
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Re: Capitaland 02 (Jun 10 - Dec 19)

Postby winston » Wed Feb 20, 2019 10:07 am

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CapitaLand Limited: 4Q18 results slightly below expectations

CapitaLand announced its 4Q18 results this morning which fell slightly short of our expectations.

Revenue jumped 34.0% YoY to S$1,624.5m due largely to higher handover of units from residential projects in China and Vietnam, coupled with rental income from newly acquired and operational properties in its portfolio.

PATMI grew 71.2% YoY to S$475.7m.

After adjusting for revaluations, impairments, portfolio gains and realised fair value gains, CapitaLand’s operating PATMI rose 26.1% to S$213.8m.

For FY18, total revenue improved by 21.3% to S$5,602.4m, while PATMI was up 12.3% to S$1,762.5m.

After adjustments, CapitaLand’s operating PATMI came in at S$872.2m, which was a decline of 5.9% and this formed 94.4% of our FY18 forecast.

If we exclude the gain from the sale of Nassim in 1Q17, FY18 operating PATMI would instead have grown 14%.

For the full-year, management was active on capital recycling, having made divestments amounting to S$4.0b.

Proceeds were redeployed into S$6.1b of new investments.

FY18 ROE was 9.3%, higher versus the 8.6% registered in FY17.

A first and final DPS of 12 S cents was declared, similar to FY17 and translates into a dividend yield of 3.5%.

We currently have a BUY rating and S$3.96 fair value estimate on CapitaLand. We will provide more updates after the analyst briefing.

Source: OCBC
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Re: Capitaland 02 (Jun 10 - Dec 19)

Postby winston » Thu Feb 21, 2019 9:32 am

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CapitaLand Limited: Beating its KPIs like a boss

CapitaLand’s 4Q18 results fell slightly short of our expectations despite an increase in its operating PATMI by 26.1% YoY to S$213.8m.

A first and final DPS of 12 S cents was declared, similar to FY17 and translates into a dividend yield of 3.5%.

For the full-year, management was active on capital recycling, having made divestments amounting to S$4.0b (target: S$3b).

Proceeds were redeployed into S$6.1b of new investments. FY18 ROE was 9.3% (target: at least 8%), higher as compared to the 8.6% registered in FY17.

CapitaLand's real estate AUM rose 12% to S$100.1b, as at end-2018, surpassing its target to hit S$100b by 2020.

Notwithstanding headwinds in China, CapitaLand remains optimistic on the outlook of the residential market, especially on Tier-1 and selected Tier-2 cities.

Its projects there are still able to command margins ranging around 10-30%.

After adjustments, we derive a slightly higher fair value estimate of S$3.98 (previously: S$3.96).

Maintain BUY with a fair value estimate of S$3.98.

Source: OCBC
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