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From UOBKH 24 Jun.
CapitaLand - Oversold on tapering concerns.
We see value emerging from CapitaLand, which has been sold down 32% from its February high, worse than any of the S-REITs.
Maintain BUY, raised target price of S$4.45 (from S$4.41), pegged at 15% discount to its raised RNAV of S$5.23/share. The stock is currently trading at a steep 42% discount to its RNAV (0.84 P/B).
Coronation Road site to result in a RNAV accretion of 2 S cents (0.3%) a share. CapitaLand recently acquired a 99-year leasehold plot in Coronation Road for S$366m, or $908.17psf ppr. The 403,007sf site is zoned for landed residential housing. CapitaLand is looking to build a mix of semi-detached and bungalows on the site. Although CapitaLand's bid is 17% higher than the next highest bid (total 12 bids) of S$777psf from Far East Organization, the limited availability of good landed sites, together with its premier location in District 10 near the Farrer Road MRT station and amenities such as Coronation Plaza, will ensure there is good interest for the project. We estimate breakeven cost at S$1,400-1,500psf and selling price expectations from S$1,700psf. This is achievable as recent landed transactions in the area were around S$1,600-2,000psf for freehold landed plots. We estimate that the acquisition could add about S$95m in pretax profits and result in a RNAV accretion of 2 S cents (0.3%) a share.
Acquisition of 70% stake in Shanghai property development for S$397.5m. CapitaLand announced the acquisition of a 70% stake in Shanghai Guang Chuan Property Co. Ltd., a wholly-owned subsidiary of Shanghai Shentong Metro Assets Management for Rmb1.95b (about S$397.5m). The sole asset of Shanghai Guang Chuan Property is a prime site in Hanzhonglu, Zhabei District, Shanghai. CapitaLand and Shanghai Shentong Metro Group plan to jointly develop the 25,427sqm site into a mixed development comprising residential, office and retail components. The site sits right above an interchange station for metro lines 1, 12 and 13 and enjoys a waterfront view of the Suzhou River. The site consists of two plots of land with a total GFA of 110,000sqm. The project will commence in 2015 and is expected to be completed by 2017. CapitaLand brings its unique capabilities to integrate mixed developments seamlessly with the metro stations, while Shentong Assets brings its experience of developing and managing properties above stations and along the metro lines in Shanghai. The move will further strengthen CapitaLand’s presence in China that accounts for 38% of its value. We estimate that the acquisition could add about S$160m in pretax profits and result in a RNAV accretion of 3 S cents (0.5%) a share.
The recent acquisitions totaling S$763.5m of a mixed site in Shanghai and a prime landed property in Singapore result in a RNAV accretion of 5 S cents (0.8%) a share.sgftt2013 ( Date: 23-Jun-2013 14:38) Posted:
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sgftt2013 ( Date: 23-Jun-2013 14:35) Posted:
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Sorry to spoil the mood of all the Bulls here.
I am bearish on Capitaland base on the chart pattern.
http://mystocksinvesting.com/singapore-stocks/capitaland/capitaland-a-nice-complete-elliott-wave/
It is impossible to buy stock at the lowest point. Market timing is not easy.
I will buy soon.
a bit oot, but can u guys share wad price is a must buy for the following counters?
i feel that anything below $3 for capitaland,
$1.60 for comfortdelgro,
$1.50 for suntec,
$1.20 for genting sp.
these kind of bluechips hard to judge base on fa? since even aunty and uncle buy them on news n rumours
Already hit the support level
CapitaLand Limited: Top bid for Coronation site
Yesterday evening, CapitaLand (CAPL) put in the top bid of S$366 million for a 99-year leasehold landed residential site at Coronation Road. The 37,441 sqm site is located within an established landed housing estate and enjoys good accessibility to Bukit Timah Rd and Pan Island Expressway. The GLS tender attracted 12 bids and CAPL’s top bid was 17% higher than the second highest bidder – signaling the group’s confidence in this project. We understand CAPL intends to develop a landed project comprising semi- detached and bungalows. We expect selling prices in the range of S$1.6k – S$1.8k psf and the project to accrete 1.3 – 2.2 S-cents to CAPL’s RNAV. Pending the award of the site, we would keep our fair value estimate unchanged at S$4.29 (20% discount to RNAV). Maintain BUY. (Eli Lee)
Capitaland recently refinanced their bonds to reduce interest expenses...but it looks like there will be no new catalyst for its share price in sight and with interest rates going up everywhere... there's a very strong downside pressure..I think it may hit below $2.90... going to hold out
This one not to worry. In my opinion if you are long term investor, this stock will come back to $4.00.
I am still holding. Do your own research and decide for yourself.
strong resistance at 3.03..
seems unlikely to reach 3?
srichipan ( Date: 21-Jun-2013 13:45) Posted:
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srichipan ( Date: 21-Jun-2013 13:45) Posted:
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Octavia ( Date: 21-Jun-2013 13:08) Posted:
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CHINHWEE ( Date: 21-Jun-2013 13:35) Posted:
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