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: CapitalComm Trust ...
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paulynsaram
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11-Jul-2012 13:13
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CAPITAL COMM.: R1- 1.290 R2- 1.313 S1- 1.277 S2- 1.263 |
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bsiong
Supreme |
20-Apr-2011 11:14
Yells: "The Greatest Wealth is Health" |
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Credit Suisse has lowered its target price for CapitaCommercial Trust (CACT.SI), a real estate investment trust managed by Southeast Asia’s largest property developer CapitaLand (CATL.SI), to $1.70 from $1.81 but kept its outperform rating. CapCom Trust said on Tuesday it plans to jointly develop Market Street Car Park in Singapore with parent CapitaLand (CATL.SI) into a Grade A office tower at a cost of around $1.4 billion. CapCom Trust will own 40% and CapitaLand will hold the remaining stake. The redevelopment is expected to be completed before the end of 2014. Credit Suisse said the guided stabilised yield of 6% per annum translates into gross rent of $12 per square foot (psf) a month, which it believes is a little conservative as the current asking rents for super prime A property are already at the $12-12.50 psf levels. But the brokerage said the redevelopment is CapCom Trust’s best option at this stage for the redeployment of its cash pile given the extremely competitive merger and acquisitions environment. CapCom Trust reported on Tuesday first quarter distribution per unit of 1.84 cents, down 4.7% year-on-year, hurt by the loss in rental income resulting from sales of Robinson Point and StarHub Centre. At 9:46 a.m., CapCom Trust shares were flat at $1.41 on a volume of 2.6 million shares. /theedge/ //** Diversify your portfolio. Invest in land and get a double return in 4 to 5 years. Where? http://www.youtube.com/watch?v=kMOvjDJeOuQ How? Msg(Contact) me here for details. |
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bsiong
Supreme |
20-Apr-2011 11:09
Yells: "The Greatest Wealth is Health" |
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CapitaCommercial Trust: BUY S$1.41 (Upgrade from HOLD) Bloomberg: CCT SP Redeveloping Market Street Carpark Price Target : 12-Month S$ 1.59 (Prev S$ 1.57) By: LOCK Mun Yee +65 6398 7972 / Singapore Research Team +65 6533 9688 · Results within street estimates, negative rental reversion kicking in · Redevelopment of Market Street Carpark provide mid-term boost · Upgrade to BUY with slightly higher TP of $1.59 1Q11 results within expectations. Topline declined by 10.6% yoy and 2.4% qoq to $91m, due to lower revenue contribution from 6 Battery Rd following asset enhancement works as well as negative rent reversions and income vacuum left by the disposal of Starhub Centre and Robinson Point last year. Correspondingly, NPI fell by 9.9% yoy (-1.4% qoq) to S$69.9m. Distributable income dipped a smaller 4.7% yoy to S$52.1m (DPU: 1.84Scts) due to lower borrowing cost. Negative rental renewals mitigated by healthy leasing activities. Portfolio occupancy remained relatively stable at 98.2% (-1.1% qoq) with the group signing 156,000sf of new office and retail leases in 1Q11. That said, topline will continue to be affected by negative rental reversions for the rest of 2011 with expiring office leases in its 4 major buildings averaging $14.01psf/mth, compared to current market rates of c$8.5-12psf. CCT has a remaining 10.3% of office and 2.1% of retail leases up for renewal in 2011 and another 13% and 6% respectively by 2012. Redeveloping Market St Carpark gives better returns. The group announced it is jointly redeveloping the Market St Carpark into an office tower with Capitaland and will take a 40% share in the $1.4b project. We believe the projected 6% yield on cost is more accretive than acquiring completed properties at this part of the cycle. Taking into account its share of $560m capital commitments, we expect gearing to remain healthy at c31% when completed. Redevelopment will cut bottomline by 2-4% over FY11-14 on loss of income to DPU yield of 4.7-4.8%. However, earnings will rise by a healthy 24% yoy in FY15 when the development is completed. More importantly, we believe this exercise would be ROE enhancing and lift current BV by 5% based on mark to market value of c$2600psf. Upgrade to Buy. We upgrade the stock to Buy as we expect this redevelopment to provide share price re-rating catalyst. Our TP is raised slightly to $1.59 and offers 18% total return. / DBSV
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bsiong
Supreme |
20-Apr-2011 10:44
Yells: "The Greatest Wealth is Health" |
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CapitaCommercial Trust and Capitaland Limited jointly announced that CapitaCommercial Trust Management Limited and CapitaLand Commercial Limited expressed their intention to jointly redevelop Market Street Car Park into an ultra-modern Grade A office tower. The total project cost for the redevelopment of the Property into an ultra-modern office tower is estimated to be S$1.4 billion. Based on this figure, the development is considered financially viable with the stabilised yield from the completed development expected to exceed 6% per annum. (Closing price: $1.410 and $3.370 respectively) |
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rickytan
Veteran |
29-Jan-2007 17:21
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I believe the last high was $2.81. Shortage of office space for next few years. I am vested at $2.45 one week ago. |
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marky27
Member |
29-Jan-2007 17:12
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this one gonna cheong .. . |
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Nostradamus
Supreme |
15-Nov-2006 19:31
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Well, there's another broker with a target price of $2.44. It was higher after it was included in the MSCI Singapore index, a benchmark used by institutional investors, dealers said. |
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mwzl95
Member |
20-Oct-2006 17:11
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I thought CCT is supposed to do well, but their price target is 30 cents lower than the current price. Why? |
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Nostradamus
Supreme |
20-Oct-2006 16:49
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Credit Suisse has raised its target price to $1.84 from $1.45 to factor in higher rents and future acquisitions. It noted that CCT is a beneficiary of the tight office market, since about 49.2% of its office leases are up for renewal and these leases were signed at the bottom of the market in 2003 to 2004. "We see further upside in terms of office rents and are forecasting average prime grade A office rents to rise to $8.80 per square foot by end-2007, $9.70 psf by end-2008, peaking at $10.60 psf in end-2009 from $7.60-7.80 psf currently," Credit Suisse said in a note. However, it is keeping its "underperform" rating on the stock, nothing that CCT's valuation remains unattractive as acquisitions remain challenging given the robust office and retail market. "While CCT has a $1.5b sgd pipeline of assets under its parent, CapitaLand's balance sheet for acquisition, the challenge lies in reaching an agreeable price to the satisfaction of all parties, we believe, as those assets are not wholly owned by CapitaLand," Credit Suisse said. |
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Nostradamus
Supreme |
18-Oct-2006 19:25
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DBSV said it has upgraded its call to "buy" from "hold" and increased its price target to $2.44 from $1.94 after factoring in contributions from its Raffles City acquisition. "Upside to CCT from this acquisition at 4.9% NPI (net property income) yield will be provided from three fronts," DBS said in a client note. "We like the acquisition of Raffles City from CCT's perspective which provides a new angle in terms of asset enhancement from the retail component that was previously minimal from CCT's office portfolio and yield enhancement from rising office rentals and room rates," it said. CCT reported today its distributable income for the third quarter rose 19.2% yoy to $19.4m, exceeding the company's own forecast by 6.5%. |
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teeth53
Supreme |
24-Sep-2006 19:02
Yells: "don't learn through life, learn to grow with life " |
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CapitalComm REIT in near term is up, nothing say it's down sided. |
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gerald_tan
Member |
24-Sep-2006 17:46
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IMO, run up was too fast so may be temporarily overbought, but should see some support at the $2.00 if there is a correction. Having said that, is probably the best office REIT in the long term due to its large portfolio and ability to expand. |
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teeth53
Supreme |
16-Sep-2006 18:13
Yells: "don't learn through life, learn to grow with life " |
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For some it may have taken profit liao, touched $2.06, if not can keep it for another one more round, good for one more round. |
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teeth53
Supreme |
16-Sep-2006 12:44
Yells: "don't learn through life, learn to grow with life " |
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Woww... end of d day CapitalComm + 7cents to $2.06 cents on vol of 5.5 mil shares changed hand. U never know whether it can reach it tp px or go beyond that. However it is ur $$$, ur decision yah.... CapitalMall end +2cents to $2.48 on vol of 1.78 mil traded. |
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teeth53
Supreme |
15-Sep-2006 16:54
Yells: "don't learn through life, learn to grow with life " |
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Cap comm $2.01cts, +2cents,. Cap mall $2.48 cts oso +2 cts, which one is better ??. |
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teeth53
Supreme |
15-Sep-2006 16:49
Yells: "don't learn through life, learn to grow with life " |
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Mall is too crowded with IR and other coming Reits coming in sooo..... strong. U think lahh..... |
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teeth53
Supreme |
15-Sep-2006 16:46
Yells: "don't learn through life, learn to grow with life " |
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That good, likely Capital comm (office better to keep, why?? rent and rate going up) and CMT (shopping mall too many- take profit lah). |
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unico1
Member |
15-Sep-2006 16:42
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Appreciate your sharing and advise. I only have Capitacomm and CMT. |
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teeth53
Supreme |
15-Sep-2006 16:35
Yells: "don't learn through life, learn to grow with life " |
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Not all Reits produces significant result, but still good going till properties is peaking, can't see that this moment co's Indo players ST paper-head line said: Lippo to list 3 reits here end 2007 ( S$ 3 bil worth it mean it still want ur $$$ to invest in them), so rekon that just B4 that, take much of ur profit. |
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unico1
Member |
15-Sep-2006 16:20
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Thanks. my porfolie has 90% of Reit. it is a long term investment. |
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