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| CMA has announced plans for a secondary listing in Hong Kong. Primary reasons given are: 1) to tap a wider investor base, particularly China-based investors and 2) to add a platform for future financing. CMA does not plan to issue new shares. While its rationale sounds sensible, a re-examination of recent companies that have gone for secondary listings in Hong Kong shows that share prices have not always performed. Near-term yield gestation and slower-than-expected cap-rate compression in China remain issues for CMA in the near term. Judging from its share price after the resumption of trading, the market appears lukewarm to the announcement. We have a marginally lower RNAV estimate and target price of S$2.16 (S$2.24 previously) on higher capex assumptions for its retail mall developments. Earnings tweaked down by less than 1%. | |
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/cimb
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CapitaMalls Asia Limited announced that it has submitted an application for a secondary listing on the Main Board of the Stock Exchange of Hong Kong Limited. It is listed on the Main Board of the Singapore Exchange and is a component stock of the Straits Times Index. China currently accounts for about 37%* and 70%* of CapitaMalls Asia’s total property portfolio by property value and gross floor area respectively. Given the growing importance of its China business going forward, the proposed secondary listing will complement CapitaMalls Asia’s expansion in the country, enabling the company to achieve its longer-term strategic objectives.
/sgx
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Shares of Singapore’s shopping mall developer CapitaMalls Asia (CMAL.SI) fell as much as 2.8% on Monday as investors took profit on news it was planning to seek a secondary listing in Hong Kong, traders said.
At 2:07 p.m., CapitaMalls shares were 1.7% lower at $1.74 with over 3.7 million shares changing hands.
At 2:07 p.m., CapitaMalls shares were 1.7% lower at $1.74 with over 3.7 million shares changing hands.
CapitaMalls Asia said on Monday it is planning to dual list in Hong Kong to bolster its expansion plans in China, but sees no immediate need to raise fresh capital.
“There’s some profit-taking after the news was announced as its shares had already risen quite a bit on Friday. Weaker overall market conditions have also hurt its sentiment, although this dual listing plan is positive for the company,” said a local trader.
/theedge//*
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