Capitaland 01 (May 08 - May 10)

[kennynah]

with NODX at discouraging levels...good luck to people who wana bank on shopping mall theme...

[winston]

Not vested.

CAPITALAND - CapitaLand said on Tuesday the initial public offering of its shopping mall unit CapitaMalls Asia will result in a one-time gain of S$883 million ($639 million) and it may consider a special dividend.

Source: Reuters

[LenaHuat]

with NODX at discouraging levels...good luck to people who wana bank on shopping mall theme...

I do have an issue with CapitaLand's biz model. In fact, I think they cause much inflation here and stifle small-time entreprenaurship. In fact, I'm boycotting their malls.

[winston]

When I have some time, I would like to look at their China & Vietnam exposure again. If China is going to be the next Dubai, I dont want to be investing in a company with very high exposure to the Chinese Real Estate market.

And if I somehow want to invest in the Chinese Property market, I would probably look for a Chinese company who knows the local conditions.

===================================

Not vested. From Kim Eng:-

CapitaLand – Company Update (Wilson LIEW, DID: 64321454)
Previous Day Closing price: $4.09
Recommendation: BUY (maintained)
Target price: $5.06 (upgraded from $5.04)

CMA IPO a success
The IPO of CapitaMalls Asia (CMA) was a success. The retail tranche of 95m shares was 4.9x subscribed and the placement tranche of about 1.1b shares was 2.5x subscribed. Including the over-allotment option, the IPO raised about $2.8b, and CapitaLand’s stake in CMA is now 65.5%. The last closing price of $2.36 for CMA was an 11% increase from its IPO price of $2.12 per share.

Special dividend likely at around 12 cents
CapitaLand netted a gain of about $883m as a result of CMA’s listing. As alluded by the management, shareholders may be rewarded with a special dividend to be paid out from the gain. Assuming a 60% payout from the net gain, we estimate that the special dividend could be around 12 cents, on top of our forecast of a 3-cent ordinary dividend. The payout is likely to be around May next year, after the AGM.

Redeployment of funds into residential and hospitality businesses
With CMA separately listed, CapitaLand will look to redeploy most of the proceeds into the residential and hospitality businesses, particularly in China. The Group had also formed the CapitaLand Vietnam Executive Committee in September to better steer its operations there, where the Group intends to increase its exposure from 1% to 5-10% of total assets, which we estimate to be about an additional $2b worth of investments.

M-E operations not affected by Dubai defaults
The impact on the Group’s Middle-East operations from the ongoing Dubai debt fallout is minimal, if any. The Group had made a conscious effort not to invest in Dubai. Instead, the Group’s operations are in Abu Dhabi and Bahrain, where it is jointly developing Rihan Heights and Raffles City Bahrain, respectively.

Entering the next growth phase
We believe that CapitaLand is well-positioned for their next leg of growth. We also think that 2010 is a good year for the mid-to-high end property segment in Singapore, which bodes well for the Group, as it prepares to launch Urban Suites, Farrer Court and the rest of the Interlace. We have tweaked our target price to $5.06, pegged at a lower 15%-premium to RNAV of $4.40. Maintain BUY.

[millionairemind]

December 14, 2009, 7.18 pm (Singapore time)

CapitaLand unit ups stake in Chennai serviced residence venture

By KALPANA RASHIWALA

CapitaLand will increase its stake in a joint venture company set up for developing Rattha Somerset Greenways serviced residence in Chennai from 40 per cent to 64.38 per cent under a two-phased investment that is slated for completion by the end of Q1 next year.

Through its indirect wholly-owned subsidiary Ascott (Mauritius) Company, CapitaLand will subscribe for 684,523 new shares in Rattha Somerset Greenways (Chennai) Private Ltd in two phases for a total cash consideration of about Rs 460 million or about S$13.67 million.

The first phase, for 505,952 shares, is expected to be completed by Dec 31, 2009, and the second phase for the remaining 178,571 shares is slated for completion by the end of Q1 2010.

[LenaHuat]

This is great news for the ticker? Are tourists or bizmen trickling back to Georgia after that serious skirmish with Russia?

SINGAPORE: CapitaLand's wholly owned serviced residence unit, The Ascott, said it is making a foray into the Eastern European market.

It's opening a property called Citadines Tbilisi Freedom Square in Tbilisi, Georgia.

Ascott said the property is the first international serviced residence to operate in Georgia.

[winston]

Not vested. From UOBKH:-

Valuation/Recommendation

We raise our RNAV estimate by 12.5% from S$4.08/share to S$4.59/share based on the structural changes to the Group post-CMA listing.

Maintain BUY and we upgrade our target price from S$4.90 to S$5.30, pegged at a 15%
premium (previously 20%) to our revised RNAV of S$4.59/share.

[millionairemind]

December 22, 2009, 6.43 pm (Singapore time)

CapitaLand sells entire 50% stake in China co for US$25m

By KALPANA RASHIWALA

SINGAPORE - CapitaLand said on Tuesday an indirect wholly-owned unit has inked a deal to sell its entire 50 per cent stake in Chengdu CapitaLand Zhixin Wenjiang Co, Ltd to a party unrelated to CapitaLand for 172.3 million yuan (US$25.2 million).

CapitaLand Zhixin Wenjiang is a property development company incorporated in China.

The cash consideration was arrived at on a willing-buyer willing-seller basis, taking into account, amongst other factors, the net tangible assets of the sale stake of 180 million yuan based on CapitaLand Zhixin Wenjiang's management accounts as at Sept 30, 2009.

The transaction is expected to be completed in first quarter 2010.

CapitaLand said the transaction is not expected to have any material impact on the net tangible assets or earnings per share of the group for the current financial year ending Dec 31, 2009.

[winston]

Not vested.

CAPITALAND - Southeast Asia's largest property developer CapitaLand has signed a joint venture agreement to develop residential property in Vietnam at a cost of $170 million, the company said on Tuesday.


Source: Reuters

[winston]

CAPITALAND - CapitaLand bought the property unit of Orient Overseas (International) Ltd <0316.HK> for $2.2 billion, part of its goal to grow assets in China to 45 percent of the total over the next five years