Capitaland Investment 02 (Jun 10 - Dec 25)

[winston]

not vested

Our Views

Maintain BUY, TP reduced to S$3.70.

We maintain our BUY call on CapitaLand (CAPL) but reduce TP to S$3.70 after imputing a larger 35% discount to RNAV (vs 20% before) of S$5.62.

Our TP implies 0.8x P/NAV, which is pegged to -0.5 standard deviation of its mean.

Despite COVID-19 impacting ROE in 2020, we see this as one-off and ROEs should rebound back to 7%-8% in 2021-2022.

Current valuations are attractive at close to 10-year trough levels and we believe that most negatives are priced in.

Catalysts will come from potential recycling activities among its listed S-REITs, which may augment upside to ROEs.

Source: DBS

https://www.dbs.com.sg/treasures/aics/s ... APL_SP.xml

[winston]

not vested

Looking at a better FY21F

FY20 net loss of 30.5 Scts/share was below our estimates but in line with
market expectations.

Hoh recovery across its portfolio indicates a potentially better FY21F.

Maintain Add with an RNAV-based TP of S$3.42.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 631cedeba7

[winston]

2020: A Brighter Outlook Despite Recording A Historic Loss

CAPL reported a S$1.6b loss at the PATMI level that was negatively impacted by a
S$1.6b in revaluation losses as well as impairments totaling S$861m.

In our view, the outlook appears brighter on a sequential basis across the company’s business segments but recovery may be uneven, and e-commerce remains an ever-present threat.

We raise our profit forecasts for 2021 and 2022 by 10% and 4% respectively.

TP: 3.10

Source: UOBKH

https://research.uobkayhian.com/content ... d91babc932
Maintain HOLD. Target price: S$3.10.

[winston]

not vested

CapitaLand Ltd (CAPL SP) - Look beyond the headline figures

CapitaLand’s competitive advantage is its significant asset base and extensive market network, which has been further boosted following the completion of the Ascendas-Singbridge merger.

CapitaLand now has a core focus on Singapore, China, India and Vietnam.

Coupled with extensive design, development and operational capabilities, CapitaLand develops and manages high-quality real estate products and services.

It also has one of the largest investment management businesses in Asia with a total of six REITs and business trusts listed in Singapore and Malaysia.

The Group has grown its real estate AUM to SGD132.5b, as at 31 Dec 2020.

Although the Covid-19 pandemic has impacted CapitaLand’s operations, we believe its strong balance sheet and diversified portfolio puts it in a better position to drive a recovery ahead, while capital recycling activities are also expected to resume in a more meaningful way. BUY.

Source: OCBC

[winston]

not vested

CapitaLand to restructure business, new entity to be listed on SGX; shareholders to receive implied consideration of $4.102 per share

by Felicia Tan

Through the arrangement, CapitaLand will effect a proposed restructuring of the group’s business to consolidate its investment management platforms, as well as its lodging business into CapitaLand Investment Management (CLIM), which will be listed on the Singapore Exchange (SGX).

The scheme will also place the real estate development business of the group under private ownership to be fully held by CLA through the proposed privatisation of CapitaLand on completion of the scheme.

Eligible shareholders are expected to receive $4.102 per share in cash and scrip for every one CapitaLand share they own. This is 24% above the last traded price of CapitaLand and represents a 27% premium to the one-month volume weighted average price (VWAP).

Source: The Edge

https://www.theedgesingapore.com/news/r ... rs-receive

[winston]

CapitaLand to restructure business, new entity to be listed on SGX; shareholders to receive implied consideration of $4.102 per share

by Felicia Tan

CapitaLand, on March 22, has announced a scheme of arrangement with CLA Real Estate Holdings.

Through the arrangement, CapitaLand will effect a proposed restructuring of the group’s business to consolidate its investment management platforms, as well as its lodging business into CapitaLand Investment Management (CLIM), which will be listed on the Singapore Exchange (SGX).

The scheme will also place the real estate development business of the group under private ownership to be fully held by CLA through the proposed privatisation of CapitaLand on completion of the scheme.

As part of the proposed scheme, CapitaLand will distribute about 48% of shares in CLIM to all its shareholders, excluding CLA.

The 1-for-1 distribution means the share ownership ratio in CLIM immediately after the issuance of CLIM shares will be equal to the shareholders’ existing ownership in CapitaLand.

Under the scheme, the total implied consideration for each CapitaLand share held by shareholders is at $4.102 per share based on current share capital.

The Ascott Limited, CapitaLand’s lodging management business, will also become a part of CLIM.

The remaining real estate development-related business and assets under CapitaLand with a pro forma net asset value (NAV) of about $6.1 billion will be held privately by CLA.

Source: The Edge

https://www.theedgesingapore.com/news/r ... rs-receive

[winston]

CAPITALAND LTD (CAPL SP)

Recommendation : BUY
Fair Value : SGD 4.03

WHEN ONE BECOMES TWO.

Proposed restructuring with new listco to hold its investment management platforms and lodging business

Generally positive on proposed restructuring

Implied consideration of SGD4.102 per share; premium of 23.9% to closing price prior to announcement

CapitaLand’s competitive advantage is its significant asset base and extensive market network, which has been further boosted following the completion of the Ascendas-Singbridge merger.

CapitaLand now has a core focus on Singapore, China, India and Vietnam. Coupled with extensive design, development and operational capabilities, CapitaLand develops and manages high-quality real estate products and services. It also has one of the largest investment management businesses in Asia with a total of six REITs and business trusts listed in Singapore and Malaysia.

The Group has grown its real estate AUM to SGD132.5b, as at 31 Dec 2020. Although the Covid-19 pandemic has impacted CapitaLand’s operations, we believe its strong balance sheet and diversified portfolio puts it in a better position to drive a recovery ahead, while capital recycling activities are also expected to resume in a more meaningful way.

Source: OCBC

[behappyalways]

CapitaLand to restructure business, new entity to be listed on SGX; shareholders to receive implied consideration of $4.102 per share
https://www.theedgesingapore.com/news/r ... rs-receive

[winston]

not vested

MAS & SGX need to scrutinise CapitaLand’s latest restructuring plan, protect retail investors from its troubled assets

"This means the rich will become richer, and the poor will become poorer because our regulators are all either asleep or incompetent, in regulating our stock exchange."

by Joseph Nathan

Source: The Online Citizen

https://www.theonlinecitizen.com/2021/0 ... ed-assets/

[behappyalways]

CapitaLand buys hyperscale data centre campus in China for RMB3.7 bil
https://www.theedgesingapore.com/news/c ... -rmb37-bil