Macquarie upgrades CapitaMalls Asia (JS8.SG) to Outperform from Neutral and raises its target price to $2.24 from $2.19; it says CMA exceeded its investment targets in 2010 and house sees “no fundamental reasons for the stock price performance” (down 21% in the past 12 months and off 17% in the past three months vs +13% and +4% for STI respectively).
Posts Tagged ‘capitamalls’
Jan 12: CapitaMalls, Hyflux, Oxley, SingTel
January 12th, 2011 |
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The following companies may have unusual price changes in Singapore trading today. Stock symbols are in parentheses, and share prices are from the previous close. Singapore’s Straits Times Index gained 0.4% to 3,241.49.
CapitaCommercial Trust (CCT SP): The office landlord partly owned by CapitaLand (CAPL SP) had its stock rating lowered to “underweight” from “neutral” at JPMorgan Chase & Co. The shares lost 0.7% to $1.50.
Jan 6: CapitaMalls Asia, Boustead, Wilmar, SIA
January 6th, 2011 |
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The following companies may have unusual price changes in Singapore trading today, say Thomson Reuters and Bloomberg. Stock symbols are in parentheses, and share prices are from the previous close. Singapore’s Straits Times Index gained 0.1% to 3,254.25.
Singapore shares may rise in early trade on Thursday after Wall Street indices gained overnight following strong data on US private-sector jobs, boosting confidence its economy is on a recovery path.
CapitaLand, CapitaMalls up on China plans
January 5th, 2011 |
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Shares of CapitaLand (CATL.SI), Southeast Asia’s largest property developer, rose on Wednesday after it said it was open to the idea of a listing in China, where the firm’s shopping mall unit plans to almost double its number of properties.
CapitaMalls Asia (CMAL.SI) said it hopes to have around 100 malls, up from 53 now, in China within the next three to five years, the firm said in a filing to the Singapore Stock Exchange on Tuesday.
Jan 5: GLP, CapitaMalls Asia, Bonvest, China New Town
January 5th, 2011 |
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Singapore shares may weaken slightly on Wednesday after sharp falls in commodity prices weighed on major equity markets, but losses are likely to be limited with strong US economic data lending support.
Singapore’s benchmark Straits Times Index <.FTSTI> was up 0.45% on Tuesday to 3,250.29 points. Here are some stocks and factors to watch:
CapitaMalls may spend $2b on new projects this year
January 4th, 2011 |
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CapitaMalls Asia is likely to spend $2 billion on new projects this year, the company said in a statement to the stock exchange today. The developer said it plans to have 100 shopping malls in China within the next three to five years, from 53 units currently.
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CapitaMalls Asia +1.6%; Mall buy is accretive: JPMorgan
December 22nd, 2010 |
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CapitaMalls Asia (JS8.SG) is up 1.6% at $1.9, rising in afternoon trade after the company says it will acquire Queensbay Mall in Penang, Malaysia, for about $275.6 million.
JPMorgan says the deal is accretive, and notes while the mall’s current NPI yield is only 5.0%, it has been undermanaged with occupancy of about 91.5% and passing rents at less than CMA’s other Penang mall, Gurney Plaza.
"Given 70% of the leases will be up for renewal in the next two years, we see potential for CMA to leverage on its scale and expertise to upgrade the mall and to achieve a yield on cost of about 7.5%-8.0% by 2012."
JPMorgan says CMA can potentially achieve IRR of about 12% on this acquisition, adding about $0.03/share to RNAV estimates.
The house adds, the stock is at "an attractive entry level," trading at a 30% discount to SOTP valuation and 1.2x FY10E book.
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CapitaMalls Asia to acquire Penang’s Queensbay Mall for $273m
December 22nd, 2010 |
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CapitaMalls Asia says it will acquire Queensbay Mall in Penang, Malaysia, for about RM651.8 million ($272.8 million).
The acquisition will be carried out through CapitaMalls Asia’s subsidiaries and an asset-backed securitisation structure.
CapitaMalls Asia will acquire about 90.7% of the mall’s retail strata area (about 916,181 sq ft) and all its car park spaces. With net lettable area (NLA) of the strata spaces of about 892,361 sq ft, the purchase price is equivalent to about RM730 ($306) per sq ft of NLA.
CapitaMalls Asia hardly swayed by China project
November 8th, 2010 |
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CapitaMalls Asia’s (JS8.SG) $747.2 million investment in Shanghai mall cum office development doing little to generate keen investor interest, says Dow Jones.
Stock flat at $2.12 in light trade. Company will buy 66% stake in upcoming complex for $281 million, with remaining amount comprising development cost. Project expected to be completed by 2015, will be funded by debt, equity.
“The price appears fair and enables CMA to strengthen its foothold in China, augment its Tier-1 city exposure and move towards its 40% target asset allocation in China from the current 32%,” says Deutsche Bank, which has Buy call with $2.53 target.
Still, as project won’t be earnings-accretive any time soon, impact on share price not expected to be significant in near term. 20-day moving average, last at $2.17, expected as resistance.
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CapitaMalls in $747m in Shanghai project
November 8th, 2010 |
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CapitaMalls Asia (CMAL.SI), a unit of Southeast Asia’s largest property developer CapitaLand (CATL.SI), said it has entered into an agreement to obtain two-third stake in a $747.2 million property project in Shanghai. The company said in a statement to the Singapore Exchange that the shopping mall and office project in the Luwan district is expected to be completed by 2015.
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Nov 8: CapitaMalls Asia, Hyflux, Jardine Cycle, SembMarine
November 8th, 2010 |
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Singapore shares may rise slightly on Monday after stocks on Wall Street recorded modest gains amid stronger-than-expected US jobs data. The Straits Times Index rose 0.5% to 3,240.31 on Nov. 4. The following companies may have unusual price changes in trading today. Share prices are from the previous close. The market was closed for a public holiday on Nov. 5. Here are some stocks to watch, say Bloomberg and Thomson Reuters.
DBSV keeps CapitaMalls at Buy; consumption story
October 29th, 2010 |
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DBS Vickers keeps CapitaMalls Asia (JS8.SG) at Buy, nudges target up to $2.59 vs $2.58; says 3Q results within expectations.
Says CMA benefiting from rising retail sales, consumption patterns, underlying portfolio maintained robust performance with overall YTD net property income +27% on year, “backed by better shopper footfalls, up 3.2%-55% while gross turnover improved around 6.0%-118% as average occupancy rose above 90%.”
Oct 29: Indofood Agri, CapitaMalls Asia, Tiger Air, Hu An Cable
October 29th, 2010 |
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Singapore shares may open weak on Friday after Wall Street ended little changed overnight as investors pulled back before next week’s elections and a likely announcement of more stimulus from the Federal Reserve. Singapore’s benchmark Straits Times Index <.FTSTI> rose 0.16% on Thursday to 3,129.50 points. Here are some stocks and factors to watch, according to Thomson Reuters and Bloomberg:
CapitaMalls Asia profit rises 14% on retail business: Update 1
October 28th, 2010 |
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CapitaMalls Asia, a unit of Southeast Asia’s biggest developer, said third-quarter profit rose 14% as its retail business benefits from Asia’s economic growth.
Net income rose to $68 million from $59.6 million a year earlier, the company said in a statement to the Singapore stock exchange today. Revenue under management gained 5% to $325.6 million, it said.
CapitaMalls Asia posts 14% growth in 3Q profit after tax to $68 million
October 28th, 2010 |
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CapitaMalls Asia registered profit after tax and minority interests (PATMI) of $68 million for 3Q 2010, 14% higher than the $59.6 million for 3Q 2009. Revenue under management was $325.6 million for 3Q 2010, 5% higher than the $309 million for 3Q 2009.
CapitaMalls 3Q profit $68m, 14% higher
October 28th, 2010 |
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CapitaMalls Asia, a unit of Southeast Asia’s biggest developer, said net income in the third quarter rose 14% to $68 million.
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Prestige, CapitaMalls’ India Partner, rises in India debut
October 27th, 2010 |
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Prestige Estates Projects, the Indian developer in a mall venture with CapitaMalls Asia, rose on its trading debut today after investors demanded 2.3 times the shares on offer in the initial public offering.
The shares advanced 8.8% to 199.10 rupees at 10:54 a.m. local time. Prestige, which mostly develops real estate in south Indian city of Bangalore where it is based, raised 12 billion rupees ($351.3 million) after selling shares for 183 rupees each.
CapitaMalls Asia upgraded to Outperform by Daiwa
September 8th, 2010 |
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Daiwa upgrades CapitaMalls Asia (JS8.SG) to Outperform from Hold, lifts target price to $2.65 from $2.10, pegged at parity to sum-of-parts valuation, says Dow Jones.
Daiwa says property group’s recent $788.9 million joint acquisition with CapitaLand (C31.SG) of Singapore’s Bedok Town Centre site, which can be developed into residential-cum-retail property, reinforces CMA’s dominance in local retail property market.
Research house notes move considerably reduces pressure for CMA to win, possibly overbid at forthcoming tenders. Says CMA’s focus on retail property segment in Singapore shields it from government policy risk related to residential sector.
Shares off 1.3% at $2.22.
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Sept 7: CapitaMalls, Cheung Woh, Marco Polo
September 7th, 2010 |
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The following companies may have unusual price changes in Singapore trading today. Stock prices are from the previous close. Singapore’s Straits Times Index gained 1.1% to 3,034.58.
CapitaMalls Asia (CMA SP): The shopping mall operator said it and parent CapitaLand (CAPL SP) won a tender for a site in the eastern Singapore town of Bedok. The partners will pay the government $788.9 million for the property, which will be developed into a residential and retail complex. CapitaMalls was unchanged at $2.21. CapitaLand rose 1% to $3.98.
Capitamalls Asia issues $350m 3.95% fixed-rate notes
August 24th, 2010 |
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CapitaMalls Asia, a unit of Southeast Asia’s biggest developer, said its CapitaMalls Asia Treasury subsidiary has issued unrated $350 million 3.95% fixed-rate notes under its $2 billion euro-medium term note program. DBS Bank and Standard Chartered Bank have been appointed as joint lead managers for the issue and offering of the notes.
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