CapitaMalls Asia

[peter]

Hi Lena,
Your call on CMA was right on.
I think GLP is the same, and have sold and taken my coffee money

[LenaHuat]

Hi Peter
Congratulations . Gonna be grateful that there's coffee $$ to be earned
Yes, I think both tickers are pre-investments. No urgency to buy back. But must buy back some time in the future.

[LenaHuat]

CMA won the bid for the mixed-used site at Stamford Road (ie the redevelopment of Capitol Theatre).
Bid : S$250m.
Amendment : A million apologies for the above wrong post. I was misled when I read abt Pua's bid for the site. Pua's consortium won the bid but Pua has left Capitland. Oh so sorry about this.

[winston]

Vested

CAPITAMALLS ASIA - Singapore's shopping mall developer CapitaMalls Asia said on Thursday its third-quarter net profit rose 14 percent as its retail business was boosted by strong consumer demand in Asia.

The company posted a net profit of S$68 million ($52.47 million), compared to S$59.6 million a year earlier.


Source: Reuters

[LenaHuat]

From DBSVickers:-

Looking ahead, CMA targets to deliver another 3 malls in China and 1 in India in 4Q, bringing completed portfolio to 67 properties. Pipeline remains strong with another 25 malls to be constructed, despite the loss of Taintongyuan project in Beijing.

Acquisition momentum to pick up. Management reiterated its objective to deploy $800m-$1b worth of capital in 2H10. Apart from the recently won Bedok North site in Singapore, we believe China and Malaysia could also be potential target markets. With gross cash of $1.4b, the group is well positioned to tap new opportunities across the region.

Maintain Buy call, TP $2.59.

Today, URA released the white site at Jurong Lake District for bidding. I think CMA will bid very aggressively for this.

[winston]

Vested. From CIMB:-

CapitaMalls Asia Ltd - 3Q10 results - Capital recycling key to re-rating

In line; expensive vs. underlying assets.

3Q10 core net profit forms 21% of our fullyear forecast. We believe the results are in line with consensus as well. 9M10 profit accounts for 83% of our number as proceeds from Orchard Resi were back-loaded on completion.

Shrinking revenue was offset by lumpy associate income and better NPI in core markets. Better liquidity (S$1.4bn cash) is supportive of capital recycling.

That said, we are watchful of capex commitments and challenges associated with rising asset prices.

We adjust our FY10-12 core EPS estimates by +7%/-15% on recognition changes.

Maintain Underperform on valuations at this juncture, with a marginally higher RNAV and target price of S$2.13 (S$2.11 previously) on minor price changes to its listed
associates.

http://www.remisiers.org/cms_images/SIN ... 910101.pdf

[winston]

Vested. From OCBC:-

CapitaMalls Asia Ltd: 3Q10 impacted by asset divestments

Summary: CapitaMalls Asia Ltd (CMA) posted S$42.5m in 3Q10 revenue (-22.1% YoY and -41.8% QoQ) and PATMI of S$68.0m (+14.0% YoY but down -39.8% QoQ).

The weaker results were driven by the loss of income on the four assets divested to its REITs.

CMA and its parent CapitaLand Ltd (CapLand) recently announced that the Housing Development Board had accepted their joint bid for the Bedok Town Centre site. The Bedok site acquisition marks CMA’s first investment in Singapore post-IPO and reinforces its suburban dominance at home.

As at 30 Sep, CMA has a cash balance of S$1,410m and borrowings of S$713.7m. Management re-iterated its target to invest between S$800m to S$1b in new projects in Singapore, China and Malaysia over the second half of the year.

In 4Q10, management also expects to complete three more retail malls in China. We continue to like CMA’s retail expertise; its large cash balance; and significant debt headroom.

Our previous BUY rating and S$2.40 fair value (pegged at parity to RNAV) is UNDER REVIEW due to a change in analyst. (Meenal Kumar)

[winston]

Vested

CapitaMalls Asia , a unit of Southeast Asia's largest property developer CapitaLand , may be in focus after it has agreed to obtain a two-third stake in a S$747.2 million ($581.5 million) property project in Shanghai.


Source: Reuters

[LenaHuat]

The Luwan, Shanghai mall will be completed 2015.

[profittaker]

This ticker aren't going to move? Technical wise, chart went below up trend and don't seems to do well. I think impatient holder are dumping this counter for others.

Winston, can share why you buy and sell this counter? thanks.