Capitaland Investment 02 (Jun 10 - Dec 25)

[winston]

not vested

CapitaLand Ltd, Southeast Asia's largest property developer, said on Wednesday its second-quarter net profit fell 3.3 percent TO S$385.9 million, hurt partly by smaller portfolio gains.

Source: Reuters

[winston]

CapitaLand CEO Liew Sells Shares After Retirement Announcement

Leong disposed of 1 million shares for S$3.08 ($2.48) a piece, according to a statement to the Singapore Stock Exchange today.

http://www.bloomberg.com/news/2012-08-0 ... ement.html

[iam802]

Just drop by D'Leedon to get a feel of the sentiment.

If my understanding is correct, the price has came down from its launch price ($1680psf).

Capitaland will most likely increased its marketing activities in the coming months.

Project is expected to completed by 2015 (or 2014).

[iam802]

Singapore’s CapitaLand to Sell a Third of Australand Stake

http://www.bloomberg.com/news/2013-11-2 ... stake.html

CapitaLand Ltd. (CAPL), Southeast Asia’s biggest developer, is selling part of its 59 percent stake in Australand Property Group (ALZ) to raise as much as A$433.7 million ($408 million).

CapitaLand is offering 115.7 million shares, equal to about 20 percent of Australand’s outstanding securities, the company said in a filing through the stock exchange today. CapitaLand is offering the shares at A$3.685 to A$3.750 each, according to transaction terms seen by Bloomberg News, compared with a market price of A$3.75 before trading was halted.

The Singapore-based developer this year carried out a review of its businesses, which it concluded in July with a decision to keep its stake in Sydney-based Australand. During the review, several parties expressed an interest in all or part of Australand’s business. The Australian developer said yesterday that it expects impairments of about A$65 million in its commercial and residential development businesses.

The sale “is in line with what CapitaLand said earlier about their non-core assets,” Wilson Liew, Singapore-based analyst at Maybank Kim Eng Holdings Ltd., said in a phone interview. “If they get a good price, they would look to sell.”

CapitaLand is selling the stake through an accelerated book-build process underwritten by Citigroup Inc., according to the filing. The shares will be priced and allocated tomorrow, with terms of the sale announced following that, the developer said today.

Australand Bids

Australand shares were 3.4 percent lower today before trading was halted in Sydney and are up 10 percent this year. CapitaLand shares were down 1.3 percent at S$3.06 before the announcement.

GPT Group (GPT), Australia’s third-biggest diversified property trust by market capitalization, in December offered to buy Australand’s commercial and development units. The company dropped its pursuit in May after failing to agree on a price amid reports that rival Mirvac Group had also considered and decided against a bid.

CapitaLand -- which in January announced it was re-examining its stake in Australand amid a broader restructure of the company -- said at the end of the review that the Australian company remained a “key investment,” without saying whether or not it had abandoned plans for a sale.

Australand yesterday announced impairments on nine residential and commercial development projects as at Dec. 31, amid slow home sales in Queensland and subdued recovery in office and industrial property demand. It also said it expected operating profit after tax of A$148m in 2013, the upper end of its previous guidance.

[winston]

not vested

Capitaland (C31.SG) (BUY, TP $4.11). CAPL, positioned mainly in Tier 1/2 cities in China, expects a steady return in buyers and is looking to launch close to c.7,600 units to capture the recovery in price trend.

With 45% of its assets in China, Capitaland is a clear proxy to benefit from the easier monetary policy in China.

Management has highlighted opportunities within its integrated developments across its key markets of China and Singapore.

Its ongoing retail mall developments remain on track to complete over 3 years, and will underpin a steady growth in recurring earnings.

We believe that 2015 is an appropriate time for the company to look at asset recycling of some of the stable assets (Westgate Mall, CapitaGreen upon TOP and retail malls in China) in its portfolio to its REITs to optimize capital values and lock in gains.

This should also help to close the gap between share price and RNAV.

The stock is undervalued, with upside to its ROE from value unlocking and recycling.

Source: Barron's Asia

[winston]

not vested

Capitaland (C31.SG) (BUY, TP $4.11). CAPL, positioned mainly in Tier 1/2 cities in China, expects a steady return in buyers and is looking to launch close to c.7,600 units to capture the recovery in price trend.

With 45% of its assets in China, Capitaland is a clear proxy to benefit from the easier monetary policy in China.

Management has highlighted opportunities within its integrated developments across its key markets of China and Singapore.

Its ongoing retail mall developments remain on track to complete over 3 years, and will underpin a steady growth in recurring earnings.

We believe that 2015 is an appropriate time for the company to look at asset recycling of some of the stable assets (Westgate Mall, CapitaGreen upon TOP and retail malls in China) in its portfolio to its REITs to optimize capital values and lock in gains.

This should also help to close the gap between share price and RNAV.

The stock is undervalued, with upside to its ROE from value unlocking and recycling.

Source: Barron's Asia

[behappyalways]

CapitaLand sells Bedok Mall to CapitaLand Mall Trust for $780 mil
http://sgx.i3investor.com/servlets/fdnews/52348.jsp

[winston]

not vested

CapitaLand Limited: 2Q16 results within expectations

2Q16 PATMI decreased 36.6% YoY to S$294.0m mainly due to lower fair revaluation gains from properties.

We highlight that, in 2Q15, there was a one-off fair value gain of S$125.9m from the change of use of development projects, excluding which the group’s adjusted operating PATMI in 2Q16 would have risen 31.8% to S$171.6m given firmer performances from Chinese shopping malls and developments, contributions from CapitaGreen and the group’s serviced residences business.

In terms of the topline, group revenues increased 9.7% to S$1,131.7m for the quarter due to strong contributions from the property development segment in China and Singapore and higher income from CapitaGreen and the group’s serviced residence business.

Over the quarter, the group recognized progress billings from Cairnhill Nine in Singapore and in China, The Paragon in Shanghai and Vermont Hills in Beijing.

Overall, we judge this quarter’s numbers to be broadly in line with expectations, and 1H16 revenues and PATMI now constitute 48.9% and 57.5% of our full year forecast, respectively.

Source: OCBC

[winston]

not vested

Bullish on CapitaLand's growth prospects

By Gwyneth Yeo

SINGAPORE (Aug 5): Most market watchers are staying positive on CapitaLand’s future growth after the release of its 1H results.

DBS Group Research, CIMB Research and UBS Global Research have maintained their “buy” rating for CapitaLand with a target price of $3.60, $4.17 and $4.10.

But RHB Research has maintained its “neutral” rating for the stock with a target price of $3.15, noting the real-estate headwinds in Singapore and China and the lack of near-term catalysts.

To recap, CapitaLand’s operating earnings rose 22% to $294 million for 1H16, which were in line with UBS analyst Michael Lim’s forecasts, achieving 49% of his full-year estimates. Lim also noted that the group’s 2Q16 operating earnings had risen 32% due to higher sales in China and new contribution from CapitaGreen.

According to Lim, 2Q residential sales in China had risen 5% to 2,896 units, which brought 1H volume to 6,273 units. “With launched-but-unsold and launch-ready units totalling 6,300 units, we think there is sufficient product to sustain momentum through 2H2016,” says Lim in a note on Friday.

In Singapore, revenue increased from Cairnhill Nine, as well as the progressive sales from ongoing projects. The group sold 82 units in 2Q, from SkyVue, d’Leedon, Cairnhill Nine, Interlace and The Nassim.

The group’s most stable revenue driver is expected to come from The Ascott. “Although [revenue per available unit] dipped 4% in 2Q, revenue jumped 81% on contributions from newly acquired and newly opened properties,” said Lock. “The group has 18,592 operational units at present and another 28,358 under development. This has the potential to double its current fee income of $75 million when completed.”

DBS analyst Rachel Tan also added that the group’s plans to launch five to six new private equity funds – with funds under management of $8 billion to $10 billion – by 2020, could enable it to grow returns. “We think that by tapping on third-party capital, [CapitaLand] would be able to leverage on its larger scale to achieve better economies of scale, capitalise on market opportunities, and at the same time, de-risk its property exposure,” she says.

Shares of CapitaLand closed 1.26% higher at $3.22.

Source: The Edge

http://smr.theedgemarkets.com/article/b ... 9-87358173

[winston]

not vested

This property giant could be the blue-chip stock you need

By Jude Chan

SINGAPORE (Dec 2): CapitaLand’s effort to boost its recurring earnings and cash flow is paying off, and its shares look attractive. Is this the blue-chip property stock to own?

What is likely to draw investors is the progress CapitaLand is making in its plan to accelerate cash generation from its assets in China and Singapore, and boost its return on equity (ROE).

More than anything else, that could widen the distance between itself and its peers, and turn it into the preeminent play on Asian real estate.

CapitaLand has an equity base of $24 billion, which is already significantly higher than Global Logistic Properties at US$13.4 billion and City Developments at $11.1 billion.

Meanwhile in Vietnam, CapitaLand is building a presence that is similar to what it has in China as well as Singapore.

It has deftly used a stable of property funds and trusts to finance and hold its development projects, and companies specialising in different fields to manage different types of commercial properties.

Derrick Heng, an analyst at Maybank Kim Eng Research, says CapitaLand’s earnings for the nine months to Sept 30 met 79% of his full-year estimate.

According to him, the group has unbilled home sales in China of RMB14.8 billion. “Recognition of 40% of these in 4QFY2016 provides sales visibility of $1.1 billion,” Heng says in a recent report.

He forecasts earnings of $966 million for this year, which is 9.2% lower than its earnings in 2015.

Analysts are expecting much stronger earnings in 2017, fuelled partly by stronger income from development projects as well as fair-value gains from the completion of the Raffles City projects in China.

Against this background, Heng forecasts a 65% jump in earnings next year to $1.6 million.

Heng figures that could put CapitaLand in a position to pay out higher dividends. “This could bump up its appeal as a recurring-income and dividend stock. Holding less cash would also reduce the drag on its ROE,” he says.

Last year, CapitaLand paid out nine cents a share in total, a yield of 2.9% based on its current share price.

Maybank Kim Eng has a revalued NAV estimate of $5.13 a share for CapitaLand.

The research house has a “buy” recommendation on the stock, with a price target of $4.06, which is a 21% discount to its RNAV.

CapitaLand closed 1 cent lower at $3.07.

Source: The Edge

http://smr.theedgemarkets.com/article/p ... 8-87358173