Re: Capitaland 02 (Jun 10 - Dec 19)
Posted: Wed Feb 20, 2019 10:07 am
not vested
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
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