Capitaland Investment 02 (Jun 10 - Dec 24)

Re: Capitaland 02 (Jun 10 - Dec 19)

Postby winston » Wed Feb 20, 2019 10:07 am

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CapitaLand Limited: 4Q18 results slightly below expectations

CapitaLand announced its 4Q18 results this morning which fell slightly short of our expectations.

Revenue jumped 34.0% YoY to S$1,624.5m due largely to higher handover of units from residential projects in China and Vietnam, coupled with rental income from newly acquired and operational properties in its portfolio.

PATMI grew 71.2% YoY to S$475.7m.

After adjusting for revaluations, impairments, portfolio gains and realised fair value gains, CapitaLand’s operating PATMI rose 26.1% to S$213.8m.

For FY18, total revenue improved by 21.3% to S$5,602.4m, while PATMI was up 12.3% to S$1,762.5m.

After adjustments, CapitaLand’s operating PATMI came in at S$872.2m, which was a decline of 5.9% and this formed 94.4% of our FY18 forecast.

If we exclude the gain from the sale of Nassim in 1Q17, FY18 operating PATMI would instead have grown 14%.

For the full-year, management was active on capital recycling, having made divestments amounting to S$4.0b.

Proceeds were redeployed into S$6.1b of new investments.

FY18 ROE was 9.3%, higher versus the 8.6% registered in FY17.

A first and final DPS of 12 S cents was declared, similar to FY17 and translates into a dividend yield of 3.5%.

We currently have a BUY rating and S$3.96 fair value estimate on CapitaLand. We will provide more updates after the analyst briefing.

Source: OCBC
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Re: Capitaland 02 (Jun 10 - Dec 19)

Postby winston » Thu Feb 21, 2019 9:32 am

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CapitaLand Limited: Beating its KPIs like a boss

CapitaLand’s 4Q18 results fell slightly short of our expectations despite an increase in its operating PATMI by 26.1% YoY to S$213.8m.

A first and final DPS of 12 S cents was declared, similar to FY17 and translates into a dividend yield of 3.5%.

For the full-year, management was active on capital recycling, having made divestments amounting to S$4.0b (target: S$3b).

Proceeds were redeployed into S$6.1b of new investments. FY18 ROE was 9.3% (target: at least 8%), higher as compared to the 8.6% registered in FY17.

CapitaLand's real estate AUM rose 12% to S$100.1b, as at end-2018, surpassing its target to hit S$100b by 2020.

Notwithstanding headwinds in China, CapitaLand remains optimistic on the outlook of the residential market, especially on Tier-1 and selected Tier-2 cities.

Its projects there are still able to command margins ranging around 10-30%.

After adjustments, we derive a slightly higher fair value estimate of S$3.98 (previously: S$3.96).

Maintain BUY with a fair value estimate of S$3.98.

Source: OCBC
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Re: Capitaland 02 (Jun 10 - Dec 19)

Postby behappyalways » Fri Feb 22, 2019 7:13 pm

CapitaLand posts 71.2% higher 4Q earnings of $476 mil; proposes 12-cent dividend for FY18
https://www.theedgesingapore.com/capita ... idend-fy18
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Re: Capitaland 02 (Jun 10 - Dec 19)

Postby winston » Fri Mar 29, 2019 6:23 pm

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CapitaLand finished FY18 with a strong finish, locking in ROE of 9.3 percent for the full year.

With strong capital deployment from $4.1 billion worth of divestments and $6.1 billion of new investments in 2018, CIMB foresees CapitaLand’s ROE expansion to drive forward.

China’s residential contribution and pick-up in Singapore’s residential segment will bring steady revenue growth for CapitaLand in FY19.

CIMB likes CapitaLand for its new phase of growth following the acquisition of Ascendas-Singbridge from Temsaek.

Following the acquisition, CapitaLand’s asset under management will expand to $116.5 billion with fee income contributing to about 40 percent.

CIMB is confident that the transaction will be earnings and ROE accretive for CapitaLand. Investors can also expect further upside from RNAV.

BUY, TP $3.56; Current share price $3.52

Source: Aspire
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Re: Capitaland 02 (Jun 10 - Dec 19)

Postby behappyalways » Sat Mar 30, 2019 6:15 pm

CRCT and CapitaLand divest combined stake in CapitaMall Wuhu
https://www.theedgesingapore.com/crct-a ... amall-wuhu
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Re: Capitaland 02 (Jun 10 - Dec 19)

Postby behappyalways » Tue Apr 23, 2019 4:08 pm

CapitaLand divests StorHub self-storage business for $185 mil
https://www.theedgesingapore.com/capita ... ss-185-mil
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Re: Capitaland 02 (Jun 10 - Dec 19)

Postby behappyalways » Sun May 05, 2019 2:11 pm

CapitaLand's 1Q earnings decrease 7.4% to $296 mil on lower contributions from Singapore & China markets
https://www.theedgesingapore.com/capita ... na-markets
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Re: Capitaland 02 (Jun 10 - Dec 19)

Postby winston » Mon May 06, 2019 9:03 pm

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CapitaLand kept at 'buy' by OCBC on backend-loaded year for China sales

By PC Lee

SINGAPORE (May 3): OCBC Investment Research is maintaining its “buy” call on CapitaLand even though 1Q19 results missed OCBC and the street’s expectations.

In 1Q19, CapitaLand handed over 328 residential units in China with a total value of RMB1.2 billion ($243 million), down 37.6% y-o-y.

Looking ahead, 60% of the 7,800 units sold previously worth RMB17.2 billion are expected to be recognised from 2Q-4Q19.

“This would imply a backend-loaded year for its Chinese residential operations,” says analyst Andy Wong in a recent report.

Management also noted selective policy easing in the cities it operates in where price caps for projects were allowed to be lifted by 2%-4% per quarter.

Key demand drivers include the influx of talent into tier-1 and 2 cities, resulting in the need for more homes.

However, Wong says policy changes remain as a major risk, as the government recently reiterated that “houses are used for living, not for speculation”.

In Vietnam, another of CapitaLand’s core market, management highlighted its launch schedule will come in slower than originally anticipated due to a change in the regulatory environment that has led to longer approval timelines for projects.

Still, fundamentals in the market remain robust and 31% of the $732 million of residential units sold previously are expected to be recognised from 2Q-4Q19.

“We believe CapitaLand will also increase its focus on its funds management platform and continue its capital recycling activities to spur higher ROE for its shareholders,” says Wong.

In 1Q19, $485.6 million of divestments were made, versus $764.7 million of investments.

“After factoring in our revised fair value changes for the CapitaLand REITs under our coverage and market prices of CapitaLand’s listed entities, we derive a higher fair value estimate of $4.04 from $3.98 previously,” says Wong.

As at 3.23pm, shares in CapitaLand are trading 6 cents higher at $3.60.

Source: The Edge

https://www.theedgesingapore.com/capita ... 401b309bc7
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Re: Capitaland 02 (Jun 10 - Dec 19)

Postby winston » Thu May 23, 2019 11:43 am

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Remove CapitaLand from Blue Chips category

We remove the stock after its brief inclusion into our Equity Picks list since 15 May.

While the acquisition of Ascendas-Singbridge offers upside potential, the worsening of the US-China trade war is threatening to be a drawn-out affair, and a further weakening of the Chinese RMB against the USD and SGD may result in exchange losses.

The stock price has lost 1.8% since inclusion but still managed to outperform the STI by a modest 1.2%.

Source: DBS Singapore Stock Pulse
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Re: Capitaland 02 (Jun 10 - Dec 19)

Postby winston » Fri May 24, 2019 11:35 am

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CapitaLand ($3.24, down 3 cents) has been strengthening its porfolio by leveraging its robust fund management platform and there will be more reconstitution opportunities for its expanded
portfolio further to the completion of the Ascendas-Singbridge transaction.

This and other growth strategies will be shared by CapitaLand’s senior management at an event later today that will unveil Raffles City The Bund as the name of the Group’s 10th Raffles City development globally and its third in Shanghai.

The event will be officiated by Guest-of Honour Mr Edwin Tong, Singapore’s Senior Minister of State for Law & Health, in the presence of more than 200 distinguished guests.

As part of its capital management strategy in China, CapitaLand has today entered into an agreement to divest its interest in companies that hold Innov Center in Shanghai’s Yangpu District to CapitaLand Asia Partners I (CAP I), at a price that takes into account an agreed
property value of RMB3,101 million (about S$621 million).

Targeted for completion in 3Q 2019, the proposed injection of Innov Center into CAP I comes a month after the discretionary real estate equity fund’s first closing.

Other pipeline assets for CAP I include Pufa Tower, an office development in Shanghai’s prime Lujiazui CBD.

Mr Lee Chee Koon, President & Group CEO, CapitaLand Group, said: “Shanghai Innov Center, a predominantly office integrated development located in a mature, technologyfocused decentralised office market, was acquired in 2017 to be the seed asset to kickstart CapitaLand’s discretionary fund business.

Since acquisition, CapitaLand, through our market-leading asset management capabilities, has successfully added significant value to the property through asset enhancement initiative and active leasing management, to meaningfully de-risk the property on behalf of CAP I investors.

Upon the successful first closing of CAP I, the property will now be transferred to the fund from CapitaLand’s balance sheet.”

Source: Lim & Tan
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