Capitaland Investment 02 (Jun 10 - Dec 24)

Re: Capitaland 02 (Jun 10 - Dec 18)

Postby winston » Thu Aug 23, 2018 11:17 am

not vested

CapitaLand (CAPL SP, BUY, TP: SGD4.00)
Active Capital Recycling Efforts To Continue; BUY


Company Update

Maintain BUY with a slightly higher TP of SGD4.00 from SGD3.95, with 20% upside.

CapitaLand’s recent acquisitions in Singapore and China demonstrate its continued efforts to recycle capital and rebalance its portfolio mix.

The active capital recycling strategy plus the steady build-up in recurring income should help in its efforts to boost ROE.

Balance sheet remains healthy with gearing at 0.5x, and 73% of its debt is fixed.

Share price remains well supported by dividend yields of 4% and continued share buybacks. It is our Top Pick among property large caps.

Source: RHB
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Re: Capitaland 02 (Jun 10 - Dec 18)

Postby behappyalways » Wed Sep 19, 2018 4:36 pm

CapitaLand acquires US portfolio of multifamily properties for $1.14 bil
https://www.theedgesingapore.com/capita ... es-114-bil
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Re: Capitaland 02 (Jun 10 - Dec 18)

Postby behappyalways » Fri Oct 19, 2018 4:57 am

CapitaLand said to be acquiring Star Harbour International Center project in Shanghai for $2.5 bil
https://www.theedgesingapore.com/capita ... hai-25-bil
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Re: Capitaland 02 (Jun 10 - Dec 18)

Postby behappyalways » Sat Nov 10, 2018 5:07 pm

CapitaLand hits record RMB2 bil in China home sales for Oct
https://www.theedgesingapore.com/capita ... -sales-oct
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Re: Capitaland 02 (Jun 10 - Dec 18)

Postby behappyalways » Sat Nov 17, 2018 5:44 pm

CapitaLand's RCCIP III fund in JV with GIC to acquire Shanghai's tallest twin towers for $2.54 bil
https://www.theedgesingapore.com/capita ... rs-254-bil


CapitaLand posts 14% increase in 3Q earnings to $362 mil on lower costs and expenses
https://www.theedgesingapore.com/capita ... d-expenses
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Re: Capitaland 02 (Jun 10 - Dec 18)

Postby winston » Mon Nov 19, 2018 8:49 am

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CapitaLand kept at 'buy' on active recycling of geographically diversified portfolio and earnings visibility

By PC Lee

SINGAPORE (Nov 16): RHB Research and OCBC Investment Research are maintaining CapitaLand at “buy” after 3Q18 numbers came in line with expectations.

CapitaLand’s 3Q18 gross profit jumped 15.3% to $583.7 million but revenue fell largely due to lower contributions from projects in Singapore and China.

PATMI and operating PATMI rose 13.6% and 13.3% y-o-y to $362.2 million and $233.7 million, respectively.

OCBC analyst Andy Wong Teck Ching says CapitaLand in China has been actively reconstituting its portfolio, making total investments of $6.1 billion year to date versus divestments of $4 billion, which generated gains of $288.7 million.

Some of the investments include the acquisition of 16 freehold multi-family properties in the US for $1.14 billion, joint acquisition of its third Raffles City integrated development in Shanghai with GIC and two prime residential sites in Guangzhou.

“Given CapitaLand’s active capital recycling strategy and continued efforts to boost the value of its properties, it generated a ROE of 6.9% for 9M18,” says Wong,

“This puts it well on track to deliver its annual ROE target of at least 8%. CapitaLand’s balance sheet also remains strong, with a net gearing ratio of 0.51x.”

In China, CapitaLand has close to 3,500 residential units ready to be released for sale in 4Q18. Some RMB6.4 billion ($1.3 billion) of revenue from China is expected to be recognised during the quarter, which is significant given that 9M18 value recognised was RMB6.2 billion.

RHB analyst Vijay Natarajan says CapitaLand’s diversified assets and geographical presence will help mitigate the current market uncertainties and aid in efforts to better allocate capital

In October, CapitaLand launched four residential projects in Chengdu, Wuhan, Xi’an and Kunshan and sold over 90% of units across all the projects. This indicates healthy demand, despite the cooling measures on the sector in China, says Natarajan.

In Singapore, Jewel Changi Airport will open by April and is now about 95% pre-committed. Natarajan expects the mall to contribute $40 million in recurring income, upon stabilisation.

For residential projects, CapitaLand has sold 99% of its local launched inventory. Its two 2019 launch pipeline -- the Pearl Bank site and Sengkang mixed-use project -- can add 1,500 units.

RHB and OCBC have target prices of $4.00 and $3.96 pegged at a 20% discount to RNAV.

Year to date, shares in CapitaLand are down 11.8% at $3.13.
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Re: Capitaland 02 (Jun 10 - Dec 19)

Postby winston » Mon Dec 03, 2018 9:19 am

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Extending Its Wings

We update our model to incorporate the latest data points on Jewel Changi, overseas acquisitions and earlier recognition of China residential sales.

New acquisitions include the 16 US multi-family properties, as well as an effective stake of 20.85% in Shanghai’s tallest twin towers.

We maintain BUY with a raised target price of S$4.40, pegged to a 20% discount to our revised RNAV.

Source: UOBKH

https://research.uobkayhian.com/content ... fd392b3e46
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Re: Capitaland 02 (Jun 10 - Dec 19)

Postby behappyalways » Mon Jan 07, 2019 8:25 pm

CapitaLand in JV to acquire 70% of Pufa Tower in Shanghai CBD for $546 mil
https://www.theedgesingapore.com/capita ... bd-546-mil
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Re: Capitaland 02 (Jun 10 - Dec 19)

Postby winston » Tue Jan 15, 2019 9:20 am

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CapitaLand Limited: The making of a real estate behemoth

CapitaLand announced that it has entered into a transaction with Temasek to acquire a 100%-stake in Ascendas-Singbridge.

The proposed transaction is valued at an enterprise value of S$10.9b, of which S$6.0b is the equity value.

The purchase consideration will be satisfied by 50% in cash (S$3.0b) and 50% in new CapitaLand shares (S$3.0b) which will be priced at S$3.50 per share.

On a pro forma basis, this deal would be accretive to EPS and ROE, but dilutive to NTA per share. However, this proposed transaction will significantly increase CapitaLand’s scale in its core markets, while allowing it to penetrate new growth geographies and sectors.

This will enable CapitaLand to compete more effectively on the global real estate scene.

CapitaLand expects to reap synergies (more on revenue growth than cost savings), thus allowing future growth in ROE and NTA.

While net gearing is expected to increase, management has plans to deleverage in the future.

For now, we maintain our BUY rating and fair value estimate of S$3.96.

Source: OCBC
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