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Capitaland
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joshlai86
Veteran |
27-Oct-2009 20:52
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Valuation and recommendation CMA a game changer; upgrade from Neutral to Outperform. CMA has positively altered the prospects of the group, in our view. Its retail properties and fund and REIT management business are attractive assets and we believe the move to list CMA will lead to a re-rating for the group. The possibility of a revival in CapLand’s capital recycling is also greatly enhanced as the group capital structure should improve after the CMA IPO. We keep our FY09-11 core EPS estimates unchanged but raise our end-CY10 RNAV estimate from S$3.25 to S$4.35 on higher capital-value assumptions for CapLand’s China retail assets and higher valuation multiples for its fund and REIT management business. We now peg our target price at a more aggressive premium of 30% to RNAV in anticipation of the CMA listing. Our target price accordingly rises from S$3.90 to S$5.65, implying 2x P/BV and reflecting mid-cycle valuations in previous recoveries. We note that CapLand’s P/BV similarly expanded in the last cycle as its capitalrecycling
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Calculation
Senior |
27-Oct-2009 16:50
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The market doesn't seem to like it - fell as much as 15 cents today. | |||||||||
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dealer0168
Elite |
27-Oct-2009 12:06
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oinkoink1999
Senior |
27-Oct-2009 09:27
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profit taking now..last night DOW sudden drop after 12MN...guess most of us already in dreamland... | |||||||||
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Blastoff
Elite |
27-Oct-2009 09:10
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Looks like the force from the DOW is stronger than its earning report.... | |||||||||
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Blastoff
Elite |
27-Oct-2009 08:49
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It will surge today.... | |||||||||
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joshlai86
Veteran |
27-Oct-2009 08:20
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CapitaLand achieves 3Q2009 net profit of S$281.3 million Increase of 127% quarter-on-quarter
Singapore, 27 October 2009 – CapitaLand posted profit after tax and minority interests (PATMI) of S$281.3 million for 3Q2009 compared to S$419.4 million in 3Q2008 which benefitted from substantial divestment gains.
Operationally, the Group has performed significantly better this quarter than the previous two quarters. Excluding the impact of revaluations and impairments taken in 2Q2009, PATMI grew 127% in 3Q2009 to reach S$281.3 million, compared to S$124.0 million in 2Q2009. Revenue for 3Q2009 was up 75% on the back of strong revenue recognition for residential projects in Singapore, China and Vietnam. The Group recorded revenue of over S$1 billion this quarter, bringing revenue for the nine months ended 30 September 2009 to S$2.1 billion.
Group Earnings before Interest and Tax (EBIT) for 3Q2009 came in at S$450.6 million, largely driven by strong profit recognition from residential projects and gains from the divestment of Link REIT units. EBIT in 3Q2008 was greater due to gains of S$441.6 million arising from major transactions, namely the divestment of Capital Tower Beijing in China and One George Street in Singapore, as well as the injection of Raffles City properties in China into the Raffles City China Fund. |
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joshlai86
Veteran |
23-Oct-2009 23:52
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3rd Q results out on coming tues. | |||||||||
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hanwudi
Member |
23-Oct-2009 23:05
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Can anyone advise why the ramp up of prices of capitaland this few days? | |||||||||
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joshlai86
Veteran |
23-Oct-2009 11:09
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capitaland's upward trend will continue uptil the listing of capitamalls asia. Opening of IRs will further boost retail segment of capitaland's biz. | |||||||||
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iPunter
Supreme |
22-Oct-2009 17:25
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Properties are leading the market in this round...  _________________________________________ Multiple Timeframe Technical Analysis |
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sureesh40
Senior |
22-Oct-2009 16:00
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It is a spill over effect from Keppel Land's good 3 QTR performance.
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Blastoff
Elite |
22-Oct-2009 15:53
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Why the sudden surge upwards???? Any news? | |||||||||
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dealer0168
Elite |
17-Oct-2009 16:18
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Ya, its 3rd qtr result is crucial for it share value to go high. Bad results, than lots of people who buy at high price will get stuck.
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God_of_War
Member |
17-Oct-2009 13:48
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Capland had taken too much money from investors & those bonds. Must perform or may affect its share value. |
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amilytan
Member |
17-Oct-2009 13:07
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so have you found any forecast news about 3Q result?
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morrison
Member |
16-Oct-2009 11:22
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I agree with frosin, in less than 10 days, the stock price has risen from 3.67 to the opening price today at 4.15, that's a more than 13% increase in less than 10 days. Also in today's news, "September new home sales drop" so I believe the property counters would be slowing down as they have all risen quite some over the last month. traders would want to cash in at this period of time after a long unsustainable hike. It won't be sustainable for long. I am looking at a correction of around 3-5%. |
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frosin
Member |
16-Oct-2009 09:58
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In extreme good news, a stock would move 5-7% range but for one good news capitaland has move so much already. isn't it not realistic to expected that the price would move further? remember we started the hike at $3.67 and moved beyond 11%. I believe that there will be a correction. The rest of the surge will be when more information becomes available. |
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risktaker
Supreme |
16-Oct-2009 08:15
Yells: "Sometimes you think you know, but in fact you dont" |
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The real driver of this stock is not the Q3 report. But the Q3 report will help too :) $4.35 - $4.50 range coming soon
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amilytan
Member |
15-Oct-2009 21:53
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Anyone can share about this counter 3Q result? | |||||||||
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