Capitaland 02 (Jun 10 - Dec 19)

Re: Capitaland 02 (Jun 10 - Dec 19)

Postby winston » Mon May 06, 2019 9:03 pm

not vested

CapitaLand kept at 'buy' by OCBC on backend-loaded year for China sales

By PC Lee

SINGAPORE (May 3): OCBC Investment Research is maintaining its “buy” call on CapitaLand even though 1Q19 results missed OCBC and the street’s expectations.

In 1Q19, CapitaLand handed over 328 residential units in China with a total value of RMB1.2 billion ($243 million), down 37.6% y-o-y.

Looking ahead, 60% of the 7,800 units sold previously worth RMB17.2 billion are expected to be recognised from 2Q-4Q19.

“This would imply a backend-loaded year for its Chinese residential operations,” says analyst Andy Wong in a recent report.

Management also noted selective policy easing in the cities it operates in where price caps for projects were allowed to be lifted by 2%-4% per quarter.

Key demand drivers include the influx of talent into tier-1 and 2 cities, resulting in the need for more homes.

However, Wong says policy changes remain as a major risk, as the government recently reiterated that “houses are used for living, not for speculation”.

In Vietnam, another of CapitaLand’s core market, management highlighted its launch schedule will come in slower than originally anticipated due to a change in the regulatory environment that has led to longer approval timelines for projects.

Still, fundamentals in the market remain robust and 31% of the $732 million of residential units sold previously are expected to be recognised from 2Q-4Q19.

“We believe CapitaLand will also increase its focus on its funds management platform and continue its capital recycling activities to spur higher ROE for its shareholders,” says Wong.

In 1Q19, $485.6 million of divestments were made, versus $764.7 million of investments.

“After factoring in our revised fair value changes for the CapitaLand REITs under our coverage and market prices of CapitaLand’s listed entities, we derive a higher fair value estimate of $4.04 from $3.98 previously,” says Wong.

As at 3.23pm, shares in CapitaLand are trading 6 cents higher at $3.60.

Source: The Edge

https://www.theedgesingapore.com/capita ... 401b309bc7
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Re: Capitaland 02 (Jun 10 - Dec 19)

Postby winston » Thu May 23, 2019 11:43 am

vested

Remove CapitaLand from Blue Chips category

We remove the stock after its brief inclusion into our Equity Picks list since 15 May.

While the acquisition of Ascendas-Singbridge offers upside potential, the worsening of the US-China trade war is threatening to be a drawn-out affair, and a further weakening of the Chinese RMB against the USD and SGD may result in exchange losses.

The stock price has lost 1.8% since inclusion but still managed to outperform the STI by a modest 1.2%.

Source: DBS Singapore Stock Pulse
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Re: Capitaland 02 (Jun 10 - Dec 19)

Postby winston » Fri May 24, 2019 11:35 am

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CapitaLand ($3.24, down 3 cents) has been strengthening its porfolio by leveraging its robust fund management platform and there will be more reconstitution opportunities for its expanded
portfolio further to the completion of the Ascendas-Singbridge transaction.

This and other growth strategies will be shared by CapitaLand’s senior management at an event later today that will unveil Raffles City The Bund as the name of the Group’s 10th Raffles City development globally and its third in Shanghai.

The event will be officiated by Guest-of Honour Mr Edwin Tong, Singapore’s Senior Minister of State for Law & Health, in the presence of more than 200 distinguished guests.

As part of its capital management strategy in China, CapitaLand has today entered into an agreement to divest its interest in companies that hold Innov Center in Shanghai’s Yangpu District to CapitaLand Asia Partners I (CAP I), at a price that takes into account an agreed
property value of RMB3,101 million (about S$621 million).

Targeted for completion in 3Q 2019, the proposed injection of Innov Center into CAP I comes a month after the discretionary real estate equity fund’s first closing.

Other pipeline assets for CAP I include Pufa Tower, an office development in Shanghai’s prime Lujiazui CBD.

Mr Lee Chee Koon, President & Group CEO, CapitaLand Group, said: “Shanghai Innov Center, a predominantly office integrated development located in a mature, technologyfocused decentralised office market, was acquired in 2017 to be the seed asset to kickstart CapitaLand’s discretionary fund business.

Since acquisition, CapitaLand, through our market-leading asset management capabilities, has successfully added significant value to the property through asset enhancement initiative and active leasing management, to meaningfully de-risk the property on behalf of CAP I investors.

Upon the successful first closing of CAP I, the property will now be transferred to the fund from CapitaLand’s balance sheet.”

Source: Lim & Tan
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Re: Capitaland 02 (Jun 10 - Dec 19)

Postby winston » Mon May 27, 2019 11:36 am

vested

What’s New

Merger with Ascendas-Singbridge to herald a new era of growth

Group to benefit from a highly recurring earnings stream that is less susceptible to macro shocks

ROE to remain at a high of >9.0%; managed REITs remain at the forefront to acquire and grow

TP raised to S$4.00 based on 25% discount to RNAV

Ain’t no mountain high enough

Maintain BUY, TP raised to S$4.00.

The merger of CapitaLand Limited (CAPL) and Ascendas-Singbridge (ASB) heralds a new era of growth for the group.

We see a myriad of positives and see the combined entity emerging stronger financially and with
an operational scale that puts it among the largest real estate managers globally.

Our RNAV is revised upwards to S$5.42, accounting for ASB numbers and our TP is raised to S$4.00 on the back of a similar 25% discount to RNAV. BUY!

Source: DBS

https://researchwise.dbsvresearch.com/R ... =efcfikhab
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Re: Capitaland 02 (Jun 10 - Dec 19)

Postby winston » Tue Jun 11, 2019 11:28 am

vested

CapitaLand: Divesting three malls in China for RMB2.96 billion
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