|Bid||3.5700 x 0|
|Ask||3.5800 x 0|
|Day's range||3.5500 - 3.5900|
|52-week range||2.9800 - 3.8000|
|Beta (3Y monthly)||1.00|
|PE ratio (TTM)||9.18|
|Earnings date||30 Apr 2019|
|Forward dividend & yield||0.12 (3.29%)|
|1y target est||4.07|
SINGAPORE (Apr 26): OCBC Investment Research says CapitaLand Mall Trust’s (CMT) 1Q19 results met its expectations.Gross revenue rose 10.0% y-o-y to $192.7 million while NPI jumped 11.5% to $140.1 million, forming 25.1% of its FY19 forecast.See: CapitaLand Mall Trust declares 3.6% higher DPU of 2.88 cents on higher incomeOCBC says Funan has already achieved high pre-commitment levels of 90%, and is on track to open in the middle of 2019 and will thus contribute to CMT’s earnings progressively from 2H19.However, the near-term outlook remains cautious given the higher supply, which is largely contributed by Jewel Changi Airport and Paya Lebar Quarter retail mall.See: Jewel: Just one facet of growth“While this may have an impact on the performance of its malls in the East, we expect CMT’s portfolio to remain resilient,” says analyst Andy Wong.Although there is increased competition, Wong says Jewel has also attracted new-to-market brands to Singapore.“We see this as future opportunities for retail landlords such as CMT if these brands were to expand their presence to other parts of Singapore,” adds Wong.OCBC is maintaining its “hold” but bumping up its fair value estimate to $2.32 from $2.25.Meanwhile, Maybank Kim Eng is maintaining a "hold" on CMT with $2.40 target price given retail sector fundamentals remain soft and competitive pressures rise with slower shopper traffic and tenant sales on the back of Jewel’s recent opening.However, analyst Chua Su Tye expects a rejuvenated Funan to contribute towards CMT’s revenue from 2H19.“Office leasing momentum at the property has been well-supported by several government agencies in finance and legal, and statutory boards at 92,000 sf, or 45% of its total NLA,” says Chua.Although CMT’s 1Q19 results reinforce the research house’s positive bias towards suburban mall assets, of the lifted retail REITs, Maybank prefers Frasers Centrepoint Trust with $2.60 target price given its visible growth drivers, and potential acquisition catalysts.Elsewhere, DBS Group Research is maintaining its “buy” on CapitaLand Mall Trust (CMT) as the retail sector bottoms out and new contributions from Funan and Westgate flow in, ascribing to the REIT higher valuations.While DBS expects some volatility in east-side malls due to the opening Jewel in 2Q19, the research house expects higher contributions from Westgate and Funan to more than compensate for the expected near-term hurdles that Tampines Mall and Bedok Mall.At its current price of $2.36, “the stock offers FY19F DPU yield of 5.0% and total potential return in excess of 10%,” says DBS lead analyst Carmen Tay.As at 9.31am, CMT units are down 2 cents at $2.37 giving a FY20F DPU yield of 5.3% based on DBS's estimates.
Ascendas Hospitality Trust and Ascott Residence Trust are being urged to join the wave of consolidation starting to sweep the industry.
CapitaLand has sold its interest in StorHub to an unrelated third party for $185 million. The self-storage business is one of Singapore’s largest with a total lettable area of approximately 800,000 sq ft. It has a total of 12 storage facilities – 11 in Singapore and one in Shanghai, China.“The divestment of StorHub is in line with CapitaLand’s disciplined approach towards capital recycling. Our portfolio optimization allows us to prioritise our capital allocation to our core markets and sectors,” says Jason Leow, CapitaLand Group’s President and CEO of Singapore and International. He adds that the group has an annual divestment target of at least $3 billion.See Also: * Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools * Ascott banks on co-living lyf brand with three new overseas properties * V-ZUG wins tenders to fit out nine more luxury residential projects * The Work Project moves towards flexible workspaces with business club amenities * CapitaLand announces topping out of Raffles City Chongqing; says on track to open by 2H19 * En Bloc Calculator, Find Out If Your Condo Will Be The Next en-bloc * HDB Resale Flats Up For Sale, Affordable Units Available
SINGAPORE (Apr 24): The manager of CapitaLand Mall Trust (CMT), reported CMT has achieved a net property income (NPI) of $140.1 million for the 1Q19 ended March, an increase of 11.5% from 1Q18.Distributable income for 1Q19 was $106.3 million, 7.4% higher than 1Q18. DPU was 2.88 cents, up 3.6% year-on-year.CapitaLand Mall Trust Management Limited (CMTML) says the increase in gross revenue was mainly due to the completion of the acquisition of the remaining 70% stake in Westgate on Nov 1, which contributed $19.1 million to gross revenue.Bedok Mall and Tampines Mall also contributed to the increase in gross revenue. The increase was partially offset by lower gross revenue from Sembawang Shopping Centre, which was divested on June 18 2018.Property operating expenses for 1Q19 increased 6.3% to $52.6 million, mainly due to the acquisition, partially offset by the divestment of Sembawang Shopping Centre.Management fees at $12.4 million were 12.9% higher than 1Q18.Finance costs for 1Q19 of S$27.7 million were 13.9% higher mainly due to interest on Infinity Mall Trust’s bank borrowings which was consolidated at CMT Group after the acquisition and term loans drawn down to part finance the acquisition. The increase was partially offset by the refinancing of EMTN of US$400 million in March 2018 at lower interest rates through loan drawdowns.As at Mar 31, CMT’s average cost of debt was 3.2% and aggregate leverage was 34.4%.In its outlook, CMTML expects Funan, opening in mid-2019 and about 90% leased, to contribute progressively to CMT’s earnings from 2H 2019.Amid slowing down of the global and Singapore economies, the manager remains cautious in its outlook. The coming on stream of new retail space of about 1 million sf -- excluding Funan -- in Singapore this year is expected to intensify competition among shopping malls.Units in CMT closed 2 cents lower at $2.32 on Tuesday.
SINGAPORE (Apr 22): DBS Group Research is maintaining CapitaLand Commercial Trust (CCT) at "buy" and raising its target price from $2 to $2.10, saying CCT remains undervalued "ahead of a multi-year upturn in office rents in Singapore" and limited supply over the next three years.
SINGAPORE (Apr 22): CapitaLand announced that it has successfully set up its first discretionary real estate equity fund – CapitaLand Asia Partners I (CAP I) – after raising US$391.3 million ($528.3 million) for the fund’s first closing, nine months after fundraising started in July 2018.The establishment of CAP I is a part of CapitaLand’s efforts to ramp up its discretionary real estate funds business, as this comes on the back of CREDO I China, the group’s maiden discretionary real estate debt fund, in Feb 2019.Capital commitments were received from a diverse group of institutional investors including pension funds, insurance companies and financial institutions from Asia and Europe.See: CapitaLand announces launch of US$750 mil discretionary real estate debt fund in ChinaIncorporated in the Cayman Islands, CAP I is established as a wholly-owned subsidiary of CapitaLand.The fund taps into CapitaLand’s extensive network and strong asset management expertise, and invests in value-add and transitional office buildings in Asia’s key gateway cities, specifically Singapore, Beijing, Guangzhou, Shanghai, Shenzhen, Osaka and Tokyo.Lee Chee Koon, CapitaLand’s president & group CEO, says, “CAP I is CapitaLand’s first discretionary private equity fund that allows us to make full investment and asset management decisions on behalf of our capital partners. The expansion from our traditional club funds to commingled fund provides CapitaLand with more diverse capital partners, and the speed of CAP I’s first closing demonstrates investors’ confidence in CapitaLand’s ability to deliver strong returns for their investments. Continual high demand for quality commercial properties in Asia’s key gateway cities, coupled with low supply, have made the renewal of ageing commercial assets a compelling investment strategy in these markets.”“With the addition of CAP I and following recent shareholders’ approval of CapitaLand’s acquisition of Ascendas-Singbridge, CapitaLand is well poised to become one of the top 10 largest real estate investment managers globally, with an enlarged fund management platform comprising 24 private funds and eight listed real estate investment trusts,” says Lee.Shares in CapitaLand last traded at $3.64 on Friday.
SINGAPORE (April 19): The manager of CapitaLand Commercial Trust (CCT) has reported a 1Q19 distribution per unit (DPU) of 2.20 cents, rising 3.8% y-o-y from 2.12 cents due to higher contributions from Gallileo and Asia Square Tower 2. Gross revenue and net property income (NPI) for the quarter increased by 3.5% and 3.4% to $99.8 million and $79.8 million, respectively. This comes after booking contributions from Gallileo – an office building in Frankfurt, Germany which the trust acquired a 94.9% stake in during June 2018 – as well as higher occupancy at Asia Square Tower 2, both of which more than offset gross revenue and NPI loss from the divestment of Twenty Anson last year.
April 9 (Reuters) - The Ascott Ltd: * GOT CONTRACT TO MANAGE 14 PROPERTIES OF OVER 2,000 UNITS IN CHINA, GERMANY, INDIA, INDONESIA, JAPAN, MALAYSIA, THAILAND & SAUDI ARABIA * UNDER CONTRACT, CO PARTNERS ...
SINGAPORE (April 8): CapitaLand has made a convincing case for why its proposed acquisition of the Ascendas-Singbridge group from Temasek Holdings is in its long-term interest. Temasek quite obviously benefits at their expense. CapitaLand has proposed to acquire Ascendas-Singbridge for almost $6.036 billion, to be satisfied by an equal proportion of cash and new shares priced at $3.50 each.
SINGAPORE (Mar 29): CapitaLand Retail China Trust (CRCT) and CapitaLand have entered into an agreement to divest their combined 100% stake in the company which owns CapitaMall Wuhu.The transaction price is based on the company’s adjusted net asset value, including but not limited to its interest in CapitaMall Wuhu of RMB210 million ($41.5 million). The buyer is an unrelated third party.Located in Wuhu city in China’s Anhui Province, CapitaMall Wuhu is a five-storey shopping mall with a gross floor area, excluding car park, of 45,000 sqm. The mall has been closed since 3Q18, following the exit of its anchor tenant.The divestment of CapitaMall Wuhu is expected to be completed in 2H19. Following the divestment, CRCT’s portfolio will have 10 malls in seven Chinese cities, while CapitaLand’s retail network in China will comprise 51 malls in 21 cities.Tan Tze Wooi, CEO of CapitaLand Retail China Trust Management, says: “The divestment of CapitaMall Wuhu is in line with our proactive asset management strategy to optimise CRCT’s portfolio and enhance returns. As our 51% stake in CapitaMall Wuhu accounts for less than 1% of CRCT’s asset size, its sale is expected to have minimal impact on CRCT’s core business. The sale proceeds will provide CRCT with greater financial flexibility to take advantage of market opportunities. We remain on the lookout for strategic opportunities to reconstitute and strengthen our portfolio.”CRCT and CapitaLand closed on Friday at $1.57 and $3.65 respectively.
SINGAPORE (Mar 1): Raffles City Chongqing (RCCQ), CapitaLand’s mammoth mixed-use development in China, rises up from the landing point that had, 1,000 years ago, welcomed emperors visiting the once far-flung corner of the Chinese empire. Today, Chaotianmen is part of the heaving and highly developed metropolis of Chongqing, arguably China’s most populous city that sits at the heart of Beijing’s ambitious Belt and Road Initiative. It bears a resemblance to Singapore’s iconic Marina Bay Sands, which features a “ship” perched on top of three curved towers and had also been a challenge to construct.