CapitaMalls Asia   

First Day trading open at $2.30

IMHO, CapMallsAsia have broke down 1.83 (support turns resistance) and it is now trading below 1.83 level. Unless it break above 1.83 with convincing volume, it is likely to remain it's downtrend which started since last October

http://pick-the-winning-stock.blogspot.com/ 

 

Strong support level at $1.80 and noticed that Genting SP price is up but not surprise if big boys are also liquidating to take profit. Golden Agri also dropped as big boys have runned off aplenty. There are more big boys in Genting Sp play than Godlen Agri.I think the play is coming to a close with that S& P downgrade outlook for US.

harley22ez      ( Date: 17-Apr-2011 12:46) Posted: PRAY it breaks 1.90...very hopeful!!!

 

PRAY it breaks 1.90...very hopeful!!!

 

Holding strong at this level and trying to break through $1.90 level. High volume and price holding well although market generally weak due to profit taking. Lets see higher prices next week for this counter.

limkt009      ( Date: 07-Apr-2011 13:49) Posted: Commonsense can answer that question lah...

 

Commonsense can answer that question lah...

 

could it be that Capitaland group buying up existing shares in the market to list in HK without issusing news shares?

 

Higher than CMT now....

 

Does anyone know or have any theory why it is up today on high volume?

Finally it has found its way close to CMT again.

 

CapitaMalls Asia - A growing presence in China (Buy) Target price S$2.34 Price S$1.76 Replicating success of RCS in Shanghai We visited several of CMA’s malls in China, and left with an optimistic outlook. In Shanghai, we expect the company to replicate the success of its Raffles City Shanghai (RCS) operation with the 2011 opening of two new malls, Hongkou Plaza and Minhang Plaza – according to the company, both have seen healthy pre-leasing figures. We believe two prime locations CMA secured in 2010 at attractive prices should help it benefit from growth in Shanghai’s prime retail rental market, which JLL estimates will expand 5-9% pa during 2011-14. Substantial room for growth in tier-two city malls Although malls in tier-two cities generate lower rents and shopper traffic, we expect contributions from these operations to improve as these cities develop over the medium term. Given the good locations of its malls, we believe CMA will benefit as tier-two city markets mature over the next five years. In the shorter term, CMA is actively implementing asset-enhancement initiatives (AEI) that we expect to improve NPI yields on these malls. China malls to make more significant medium-term contributions CMA has established a track record of delivering solid income growth since opening its first mall in China in 2005. We note that less than 40% of its China portfolio is currently operational and, hence, expect NPI contribution from China to rise going forward. Given that retail malls generally need at least a three-year gestation period, we see China malls contributing more to earnings in the medium term. Buy maintained, TP S$2.34 We reiterate our positive view on CMA and maintain our Buy rating and target price of S$2.34. We believe that the company is in a good position to expand, based on its debt headroom of S$1bn (based on 30% gearing). As CMA intends to increase its portfolio to 100 malls in China (currently 53), we expect to see more acquisitions in tier-two and -three cities due to the increasingly challenging acquisition climate in tier-one cities. We also view the proposed secondary listing in Hong Kong as a potential share price catalyst. CMA is currently trading at 1.1X P/B vs peer Hang Lung’s 1.4x and the China sector on 1.0x.

 

CIMB 04 Apr 2011 Singapore Company Update CapitaMalls Asia Ltd [ PDF] Still work-in-progress - by Donald Chua / Tan Siew Ling (CMA SP / CMAL.SI, NEUTRAL - Maintained, S$1.76 - Tgt. S$2.16, Property Devt & Invt) We visited several CMA malls in Foshan, Changsha, Wuhan and Shanghai last week. While operating indicators for CMA's tier-2 malls are improving, our sense is that the retail mall concept has yet to gain full traction among the locals. Gestation remains the key issue. Shanghai looks more mature but many of its projects are still work-in-progress. We continue to expect an inflexion point for CMA's NPI only in 2012-13. No change to our earnings estimates and RNAV-based target price of S$2.16. Maintain Neutral. The stock could be re-rated if we see faster-than-expected cap-rate compression and/or accretive acquisitions.

 

thank you for enlightening me how those analyst obtain their target price

 

Well said.... your last sentence is the thinking of mine, hero see the same. Hoho!

gykgyk1      ( Date: 06-Apr-2011 10:38) Posted: Most of the reports I read justify their valuations  ( 1 of them even at $2.80 ) based on 1 fact ( not the existing book value or earning unfortunately...) :  the " hidden" value which CMA " intentionally" not included from the book...  Most of CMA buy these years are actually " pure land" ( which the management admit they should have invested in chickens rather than eggs as it really take too long to harvest , but still argue that eggs are cheaper than chickens so returns are high when they are ready to harvest....), they need to build , nuture it till it give reasonable earning, which takes few years , so for the time being these project are valued at $00...  So if you take into all those hidden value, CMA is definitely worth buying at current price as their book value is easily $2.4 and above ( provided you can wait 2 years , the value of their malls are based on their rental income at that point ...). I think this counter is worth to monitor ,  make short term trade during dip , it could be a gem at certain point of time..

 

Most of the reports I read justify their valuations  ( 1 of them even at $2.80 ) based on 1 fact ( not the existing book value or earning unfortunately...) :  the " hidden" value which CMA " intentionally" not included from the book...  Most of CMA buy these years are actually " pure land" ( which the management admit they should have invested in chickens rather than eggs as it really take too long to harvest , but still argue that eggs are cheaper than chickens so returns are high when they are ready to harvest....), they need to build , nuture it till it give reasonable earning, which takes few years , so for the time being these project are valued at $00...  So if you take into all those hidden value, CMA is definitely worth buying at current price as their book value is easily $2.4 and above ( provided you can wait 2 years , the value of their malls are based on their rental income at that point ...).

I think this counter is worth to monitor ,  make short term trade during dip , it could be a gem at certain point of time..

 

You have the right and your own justification not to believe it! Please be noted, nowadays in stock market, alot of conflic of personal interest is going on, so does the information and analysis issuing to the public! CAVEAT EMPTOR.

wangwa      ( Date: 06-Apr-2011 09:39) Posted: I am just curious how they came out with those numbers Hulumas      ( Date: 06-Apr-2011 09:37) Posted: No one force you to buy, I suppose

 

I am just curious how they came out with those numbers

Hulumas      ( Date: 06-Apr-2011 09:37) Posted: No one force you to buy, I suppose! wangwa      ( Date: 06-Apr-2011 08:00) Posted: I don't know how such high target prices came out. Some houses estimate a div yield of 0.69% for FY2011 with 1 cents per share as dividend. Based on that, the share price should be $1.45. But they target $2.51!

 

No one force you to buy, I suppose!

wangwa      ( Date: 06-Apr-2011 08:00) Posted: I don't know how such high target prices came out. Some houses estimate a div yield of 0.69% for FY2011 with 1 cents per share as dividend. Based on that, the share price should be $1.45. But they target $2.51!

 

I don't know how such high target prices came out.

Some houses estimate a div yield of 0.69% for FY2011 with 1 cents per share as dividend. Based on that, the share price should be $1.45. But they target $2.51!

 

DBSV has got it higher :Maintain Buy, TP $2.51. We continue to like CMA for its niche pan Asian retail real estate niche. We maintain our Buy call and target price of $2.51, based on a 10% premium to RNAV of $2.28.

ruanlai      ( Date: 05-Apr-2011 11:23) Posted: CapitaMalls Asia - A growing presence in China - BUY ($1.76) TP $2.34 by RBS A growing presence in China We remain positive on CMA following our visit to some of its malls in China. In Shanghai, we expect the company to replicate the success of its Raffles City operation with other malls in the city. We also see substantial room to open new malls in tier-two cities. Maintain Buy. Key forecasts FY09A FY10A FY11F FY12F FY13F Total property income (S$m) 228.9 245.4 194.9 251.5 287.3 Reported net profit (S$m) 388.1 439.7 236.6 231.8 249.6 Reported EPS (S$) 0.10 0.11 0.06 0.06 0.06 Reported PE (x) 17.60 15.60 28.90 29.50 27.40 Dividend per share (S$) 0.01 0.02 0.01 0.01 0.01 Dividend yield (%) 0.57 1.14 0.69 0.68 0.73 Book value per share (S$) 1.41 1.50 1.55 1.60 1.65 Disc/(prem) to adj BV (%) -25.2 -17.4 -13.7 -10.3 -6.89 Accounting standard: IFRS Source: Company data, RBS forecasts year to Dec, fully diluted Replicating success of RCS in Shanghai We visited several of CMA’s malls in China, and left with an optimistic outlook. In Shanghai, we expect the company to replicate the success of its Raffles City Shanghai (RCS) operation with the 2011 opening of two new malls, Hongkou Plaza and Minhang Plaza – according to the company, both have seen healthy pre-leasing figures. We believe two prime locations CMA secured in 2010 at attractive prices should help it benefit from growth in Shanghai’s prime retail rental market, which JLL estimates will expand 5-9% pa during 2011-14. Substantial room for growth in tier-two city malls Although malls in tier-two cities generate lower rents and shopper traffic, we expect contributions from these operations to improve as these cities develop over the medium term. Given the good locations of its malls, we believe CMA will benefit as tier-two city markets mature over the next five years. In the shorter term, CMA is actively implementing asset-enhancement initiatives (AEI) that we expect to improve NPI yields on these malls. China malls to make more significant medium-term contributions CMA has established a track record of delivering solid income growth since opening its first mall in China in 2005. We note that less than 40% of its China portfolio is currently operational and, hence, expect NPI contribution from China to rise going forward. Given that retail malls generally need at least a three-year gestation period, we see China malls contributing more to earnings in the medium term. Buy maintained, TP S$2.34 We reiterate our positive view on CMA and maintain our Buy rating and target price of S$2.34. We believe that the company is in a good position to expand, based on its debt headroom of S$1bn (based on 30% gearing). As CMA intends to increase its portfolio to 100 malls in China (currently 53), we expect to see more acquisitions in tier-two and -three cities due to the increasingly challenging acquisition climate in tier-one cities. We also view the proposed secondary listing in Hong Kong as a potential share price catalyst. CMA is currently trading at 1.1X P/B vs peer Hang Lung’s 1.4x and the China sector on 1.0x.

 

No I din give up coz i never buy in... I just monitoring this stock only. I feel sorry for my friend who tot this is a good stock since IPO. He ask me about this stock and I reply him that this stock worth holding. My wrong and poor advise. Hope this useless junk can pick up. Cheers!

Hulumas      ( Date: 04-Apr-2011 18:05) Posted: So easily give up? Ha. ha.. ha... blueskyblue      ( Date: 01-Apr-2011 14:13) Posted: Hopeless stock. Tot this is a great stock to invest but now think it is a piece of junk. Dual listing somemore! Forget about it. Invest on some other stocks which will grow and give good dividend. Why waste time on this counter?

 

CapitaMalls Asia - A growing presence in China - BUY ($1.76) TP $2.34 by RBS

A growing presence in China

We remain positive on CMA following our visit to some of its malls in China. In

Shanghai, we expect the company to replicate the success of its Raffles City

operation with other malls in the city. We also see substantial room to open new

malls in tier-two cities. Maintain Buy.

Key forecasts

FY09A FY10A FY11F FY12F FY13F

Total property income (S$m) 228.9 245.4 194.9 251.5 287.3

Reported net profit (S$m) 388.1 439.7 236.6 231.8 249.6

Reported EPS (S$) 0.10 0.11 0.06 0.06 0.06

Reported PE (x) 17.60 15.60 28.90 29.50 27.40

Dividend per share (S$) 0.01 0.02 0.01 0.01 0.01

Dividend yield (%) 0.57 1.14 0.69 0.68 0.73

Book value per share (S$) 1.41 1.50 1.55 1.60 1.65

Disc/(prem) to adj BV (%) -25.2 -17.4 -13.7 -10.3 -6.89

Accounting standard: IFRS

Source: Company data, RBS forecasts

year to Dec, fully diluted

Replicating success of RCS in Shanghai

We visited several of CMA’s malls in China, and left with an optimistic outlook. In Shanghai,

we expect the company to replicate the success of its Raffles City Shanghai (RCS) operation

with the 2011 opening of two new malls, Hongkou Plaza and Minhang Plaza – according to

the company, both have seen healthy pre-leasing figures. We believe two prime locations

CMA secured in 2010 at attractive prices should help it benefit from growth in Shanghai’s

prime retail rental market, which JLL estimates will expand 5-9% pa during 2011-14.

Substantial room for growth in tier-two city malls

Although malls in tier-two cities generate lower rents and shopper traffic, we expect

contributions from these operations to improve as these cities develop over the medium

term. Given the good locations of its malls, we believe CMA will benefit as tier-two city

markets mature over the next five years. In the shorter term, CMA is actively implementing

asset-enhancement initiatives (AEI) that we expect to improve NPI yields on these malls.

China malls to make more significant medium-term contributions

CMA has established a track record of delivering solid income growth since opening its first

mall in China in 2005. We note that less than 40% of its China portfolio is currently

operational and, hence, expect NPI contribution from China to rise going forward. Given that

retail malls generally need at least a three-year gestation period, we see China malls

contributing more to earnings in the medium term.

Buy maintained, TP S$2.34

We reiterate our positive view on CMA and maintain our Buy rating and target price of

S$2.34. We believe that the company is in a good position to expand, based on its debt

headroom of S$1bn (based on 30% gearing). As CMA intends to increase its portfolio to 100

malls in China (currently 53), we expect to see more acquisitions in tier-two and -three cities

due to the increasingly challenging acquisition climate in tier-one cities. We also view the

proposed secondary listing in Hong Kong as a potential share price catalyst. CMA is

currently trading at 1.1X P/B vs peer Hang Lung’s 1.4x and the China sector on 1.0x.