Capitaland 01 (May 08 - May 10)

[greenhoney]

could it be of this?:

SINGAPORE, Oct 5 — Southeast Asia's largest developer CapitaLand will list its shopping mall arm in an initial public offering that sources said could raise at least US$1 billion (RM3.5 billion).

CapitaLand Retail, the unit that owns or manages 86 malls across Asia, will be renamed CapitaMalls Asia and aims to list its shares in Singapore this year, sources said.

"In conjunction with the proposed listing of CapitaMalls Asia, CapitaLand is considering a public offering of part of its shareholding interest in CapitaMalls Asia," CapitaLand said in a statement.

The Singapore developer also said it intends to retain a majority stake in the shopping mall business after the listing.

CapitaLand Retail owns or manages malls worth S$20.3 billion (RM50 billion).

Its first-half earnings before interest and tax were S$245 million, and its net asset value as of end-June was S$5.3 billion.

JPMorgan is sole financial adviser for the planned listing and is joint issue manager with DBS.

Sources familiar with the situation said CapitaLand hopes to raise at least US$1 billion from the listing. They declined to be named as the information was not public.

Source: Reuters

[Aspellian]

Morgan Stanley cautiously positive on Capitaland's mall plans
Morgan Stanley Research views Capitaland's plans to consolidate its malls into one listed entity as positive but voiced some caution.

'The extent of our positive take on the proposed listing would depend on the final pricing of the assets to be monetised,' the research house said on Tuesday, a day after the announcement.

'In our view, it would be positive for CATL if the assets were to be listed at more than 1.0x P/B or above S$5.3bn (consolidated basis), at which a gain would be reported by Capitaland'.

Morgan Stanley added: 'However, for current Capitaland shareholders, who are currently paying a premium over Capitaland's 30 June 2009 book value of S$2.86 given the stock is trading at 1.28x the transaction would only be viewed positively if the assets were to be listed at a multiple higher than 1.28x, i.e. more than S$6.8bn (consolidated basis).

source:businesstimes


TOL: Capitaland CEO is one of the smartest and shrewdest (if there's such a word!) CEO i have come across. He really knows how to play the equities game well. Grow and grow - each with a different theme and flavour - attractive stories to sell, right timing (usually), and nobody feels cheated and he can persuade the investment crowd to believe in his vision - a true leader!!

A salute that guy!

[Aspellian]

Nomura may revise upwards Capitaland target price

Nomura Singapore is likely to revise upwards the target price of Capitaland, a day after the property giant said it will consolidate ownership of its malls under one listed entity.

The research house said the current discount to NAV of S$3.33/share is 23.1 per cent for a price target of S$2.72/share (under review with an upward bias).

Nomura said it viewed the move 'positively' but warned execution is key, 'with CapitaLand's consolidated cash balance likely to increase to S$5.3bn from S$4.2bn pre the transaction, potentially dragging ROE as gearing falls to 0.30x.'

source:BT

[winston]

Not vested.

CAPITALAND - CapitaLand said its third quarter net profit down 33 percent to S$281.3 million ($201.4 million) due to absence of divestment gains made in the previous year.

Source: Reuters

[millionairemind]

November 2, 2009, 3.40 pm (Singapore time)

Update: CapitaMalls Asia eyes US$2b in S'pore IPO

* Sets price range of $1.98-$2.39 a share: email
* To sell 1.165 billion, or 30% of shares outstanding
* CapitaMalls owns 86 properties in Asia
* CapitaLand eyes growth in China, Vietnam


SINGAPORE - CapitaLand's Asian shopping malls unit is looking to raise about US$2 billion in its Singapore initial public offering, a move that will help boost the warchest of Southeast Asia's biggest property developer.
CapitaLand wants China to account for 35-45 per cent of its assets from 28 per cent now, and is seeking to increase Vietnam's share to 5-10 per cent of assets

CapitaLand will float a 30 per cent stake in its wholly owned unit CapitaMalls Asia Ltd, which has 86 retail properties valued at around $20.3 billion (US$14.5 billion) in Singapore, China, Malaysia, Japan and India.

The listing move comes at a time when the pipeline for new offerings is becoming crowded and a string of Chinese real estate IPOs have received a lukewarm response from investors.

Malaysia's Maxis is trying to raise US$3.7 billion in its initial public offering in Kuala Lumpur, the biggest in Southeast Asia for more than a decade.

In Hong Kong, Longfor Properties is seeking to raise US$916 million a few days after Evergrande Real Estate Group raised US$729 million in its scaled-back IPO.

Also, shares of department store chain Myer Holdings Ltd tumbled as much as 9 per cent on their debut on Monday in its US$2 billion float, Australia's biggest in two years.

Analysts said the listing of the unit will boost CapitaLand's ability to buy and build more property assets in Asia.

CapitaLand wants China to account for 35-45 per cent of its assets from 28 per cent now, and is seeking to increase Vietnam's share to 5-10 per cent of assets.

Not cheap?
CapitaMalls said it will sell 1.165 billion shares at an indicative price range of $1.98-$2.39 a share, according to an email sent to potential investors, which was seen by Reuters.

'We like the stock that comes with the pan-Asia theme. The way it's structured gives investors cashflows from the developed malls and upside from the greenfield projects,' said Neo Chiu Yen, equity research asia, ABN Amro Private Banking.

'But the pricing looks a bit 'full' to me. It won't be cheap, but it should give investors some incentives to participate.'

Management roadshows are planned between Nov 3 and Nov 16 and pricing for the international tranche of the offering is due on Nov 16, the email said.

The Singapore public offer period is between Nov 18 and Nov 23. Listing will likely take place on Nov 25, the email said.

'Our strong financial position and capital structure will provide us with the financial flexibility to fund our growth and expansion,' the CapitaMalls prospectus, filed on Monday, said.

'These opportunities include acquisitions of land for greenfield projects, brownfield projects and completed malls, asset enhancement initiatives and other merger and acquisition opportunities in Asia.'

JPMorgan is the sole financial adviser, and issue manager with DBS. The two banks are also bookrunners with Deutsche Bank and Credit Suisse, according to the prospectus.

Shares of CapitaLand were down 0.7 per cent at 0427 GMT. -- REUTERS

[Aspellian]

Interesting and easy story for investors to follow/latch-on.

timing and patience.

[Cheng]

TOL: Capitaland CEO is one of the smartest and shrewdest (if there's such a word!) CEO i have come across. He really knows how to play the equities game well. Grow and grow - each with a different theme and flavour - attractive stories to sell, right timing (usually), and nobody feels cheated and he can persuade the investment crowd to believe in his vision - a true leader!!

A salute that guy!

Yea...running a private company and a listed company is very different. An interesting read from Joe's blog, just sharing.

http://joe-ong.blogspot.com/2009/10/gam ... -play.html

[millionairemind]

November 4, 2009, 1.36 pm (Singapore time)

CapitaLand to realise $19.2m from sale of 2 properties

By ANGELA TAN

SINGAPORE - CapitaLand said on Wednesday that it has entered into a sale and purchase agreement with Chiu Teng Kallang Pte Ltd to sell its two leasehold industrial properties, Kallang Avenue Industrial Centre (KAIC) and Kallang Bahru Complex (KBC), for $68.0 million (US$49 million).

The book value of KAIC and KBC is $19.4 million and $28.9 million respectively as at Sept 30 2009.

CapitaLand expects to recognise a gain of approximately $19.2 million upon the completion of the sale, which is expected to take place in December 2009.

[millionairemind]

What perfect timing!!! Ytd's papers the NTUC chiefs were reported in the papers saying that employers must be fair to workers who sacrificed... and today, viola!!!! I wonder how much arm twisting was done in the background?

Published November 7, 2009

CapitaLand reverses staff pay cuts
Labour leader hails developer's 'timely decision'

By CHEW XIANG

PROPERTY giant CapitaLand is reversing cuts of between 3 and 20 per cent made to executive and management salaries in January this year.

Tan Seng Chai, senior vice-president of human resource, said: 'CapitaLand Group has performed significantly better this quarter than the previous two quarters and we are seeing an improvement in the business outlook in our core markets.

'In the light of the continued business recovery, we have decided to restore company-wide salary reduction implemented in January this year as part of our cost management measures.'

Josephine Teo, assistant secretary-general of the NTUC, said in a statement: 'We welcome the timely decision by CapitaLand to be among the first few companies in fully restoring its executives' salary in view of good company performance and improved outlook.'

Ms Teo is also executive secretary of the Singapore Industrial and Services Employees' Union, which had agreed to the pay cuts last year after it was consulted by CapitaLand.

The union said it was happy that CapitaLand continued to support workers during the downturn, noting that the company had donated money to a union fund and also supported NTUC's work-life balance initiatives.



CapitaLand was awarded the May Day Model Partnership Award 2009, in recognition of its consultative and collaborative approach with the union, Ms Teo said.

[millionairemind]

November 17, 2009, 4.50 pm (Singapore time)

CapitaLand sees US$639m one-off gain from IPO

SINGAPORE - CapitaLand, Southeast Asia's biggest developer, said on Tuesday the initial public offering of its shopping mall arm will result in a one-time gain of $883 million (US$639 million).

The figure cited is based on performa number assuming overallotment option for the shares are exercised in full, an official at the company said.

CapitaLand will raise US$1.8 billion through the initial public offering of its shopping mall unit CapitaMalls Asia, which manages and has interest in 86 retail properties across Asia.

The developer earlier on Tuesday priced the upcoming IPO at $2.12 a share, or below the midpoint of an indicative range of $1.98-$2.39. -- REUTERS