Capitaland Investment 02 (Jun 10 - Dec 25)

[behappyalways]

CapitaLand expects 25% y-o-y reduction in operating PATMI in 1H20 results
https://www.theedgesingapore.com/news/r ... 20-results

[behappyalways]

CapitaLand's 1H20 earnings plummet 89% to $96.6 mil on rental rebates, lower revenue
https://www.theedgesingapore.com/capita ... er-revenue

[winston]

not vested

CapitaLand Ltd (CAPL SP) - Well-positioned for a recovery

CapitaLand reported its 1H20 results which missed ours and the street’s expectations, with operating PATMI declining by 27.7% YoY to S$261.2m.

Despite the challenging 1H20 performance given the Covid-19 pandemic, we believe the worst could be over.

CapitaLand also maintained its annual gross divestment target of S$3b for FY20.

Given that total gross divestments amounted to S$702.3m to-date (as at 5 Aug), this would imply the potential of a strong pickup in transactional activities for the remainder of the year.

CapitaLand’s balance sheet remains strong, with a net gearing ratio of 0.64x and S$14.0b of cash and available undrawn facilities.

We believe this not only provides it with sufficient ammunition to cover its near-term financial obligations but also allows it to seek inorganic growth when the opportunities arise.

Management sounded coy about whether it would be maintaining its dividends per share for the full-year, but highlighted that the final decision on dividends would depend on its cash PATMI performance in 2H20.

After adjustments, we derive a revised fair value estimate of S$3.75 (previously S$3.99), still pegged to a 20% discount to our RNAV estimate. Maintain BUY.

Source: OCBC

[winston]

vested

CapitaLand says it sees 'encouraging signs of recovery' in 3Q business update

by Felicia Tan

The merger between CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT) to form the enlarged REIT CapitaLand Integrated Commercial Trust (CICT) was completed on Oct 28.

CapitaLand Retail China has also become the group’s dedicated listed vehicle for non-lodging assets in China with an investment strategy expansion.

CapitaLand’s residential segment saw Singapore units in 3QFY2020 sold three times the total number sold in the first half of 2020.

In China, sales momentum “remains strong” with over 1,900 units sold in 3QFY2020, 40% higher than the previous quarter, and the third consecutive quarter of improvement.

In Vietnam, handovers for y-t-d tripled in both the number of units and total value compared to 2019. 3QFY2020 total sales in Vietnam doubled that of 1HFY2020.

As at Sept 2020, the committed occupancy rate for China, Singapore, Japan and Malaysia stood at 89.4%, 97.8%, 99.8% and 87.9% respectively.

The group’s business park, industrial and logistics segment saw a robust committed occupancy rate. As at Sept 30, the committed occupancy rate for its Singapore, Australia, UK, US, China and India markets stood at 88.9%, 97.5%, 97.5%, 92.0%, 87.8% and 92.5%.

Source: The Edge

https://www.theedgesingapore.com/capita ... ess-update

[winston]

vested

CapitaLand (CAPL SP)
3Q20 Business Update: Swings And Roundabouts

CAPL’s 3Q20 business update revealed meaningful sequential recovery in some of its businesses, especially residential, retail and business parks, industrial and logistics.

However, the outlook for the retail, office and lodging segments appears decidedly weak.

We do not see any meaningful share price catalysts for the stock in the near term and thus maintain our HOLD rating.

Fair value lowered to S$2.80 (previously: S$3.00).
Entry price: S$2.40.

Source: UOBKH

https://research.uobkayhian.com/content ... 278f7095a0

[behappyalways]

CapitaLand to divest interest in 5 business park properties and Rock Square mall to CapitaLand Retail China Trust
https://www.theedgesingapore.com/news/c ... quare-mall

[winston]

not vested

UOB KH lowers target price on CapitaLand, PhillipCapital remains positive

by Lim Hui Jie

The office and lodging segments reported positive reversions portfolio-wide and better occupancy rates respectively; However, in the next couple of quarters, Capitaland has warned that both segments are looking at softening market conditions and negative impact from a resurgence of COVID-19 in Europe respectively.

Momentum is strong in the development segment while leasing headwinds persist in the retail, commercial and industrial sectors.

Source: The Edge

https://www.theedgesingapore.com/capita ... s-positive

[winston]

not vested

CapitaLand To Grow New Economy Assets In China To S$5 Billion.

CapitaLand aims to redeploy part of the capital from asset recycling to new economy assets, growing its China exposure in this sector to S$5 billion over the next few years, from the current S$1.5 billion.

Investments will include business parks, logistics and data centres, where tenants typically hail from new economy sectors that enjoy robust fundamentals and a supportive regulatory environment.

This target is in line with CapitaLand's strategy to ride China's economic transformation focusing on technology, services and domestic consumption.

https://investor.capitaland.com/news.html/id/808041

[behappyalways]

CapitaLand divests properties in Japan and Korea for $448.7 mil
https://www.theedgesingapore.com/news/p ... a-4487-mil

[behappyalways]

CapitaLand expects to report loss for FY2020, to recognise higher impairment and fair value losses
https://www.theedgesingapore.com/news/r ... lue-losses