【Capitaland C31 交流专区】嘉德置地 CAPITALAND LIMITED

臥龍先生

Capitaland:
Sale of 45% effective stake in AIG Tower by Singapore Research
Capitaland announced the sale of its 45% effective stake in the Grade A office building "The AIG Tower" valued at HK$8.1b (S$1.6b) to American International Assurance Company. The price for the 999-year leasehold building works out to HK$22,042 per square foot (psf) based on AIG Tower's net lettable area of 366,072 square feet. Assuming a rental of HK$ 53.68 sq.ft. p.m based on CBRE Global market rents for grade A properties for May 2007, the yield works out to be 2.92% . The low yield implies is a good price from the sellers( Capitaland's) perspective.

CapitaLand will recognise
a gain of approximately S$260.7 million in its Group consolidated accounts upon completion.
Based on the unaudited consolidated financial statements of CapitaLand for the half year ended 30 June 2007 and
assuming that the Sale was effected on 1 January 2007, CapitaLand's earnings per share would have increased from 54.4 cents to 63.2 cents.

臥龍先生

Below. 4Q08 core net profit of S$46.2m forms 10% of our full-year estimate. We believe results are below consensus as well. FY08 core net profit of S$410m forms only 88% of our full-year forecast due to weaker-than-expected home sales in Australia and China. A total DPS of 7cts was announced, translating to a yield of 2.9%.

• Core operations continued to slow. 4Q08 revenue fell 47% yoy to S$703m on weaker home sales in Australia and China. Management earlier warned that China sales had been extremely slow while a lower A$ exchange rate would hurt its topline. Higher recognition of Singapore presales coupled with stronger rental and AUM-related fees cushioned the decline. However, earnings quality remained poor with over 60% of FY08 EBIT made up of divestment and fair-value gains.

• Rights issue to shore up balance sheet. CapLand yesterday announced a 1-for-2 renounceable, fully underwritten rights issue at S$1.30. The issue will raise S$1.84bn. While acquisitions are possible, we believe that the proceeds would be primarily used to bolster its balance sheet, in a bid to buffer any capital shocks going forward. Asset write-downs and potential capital calls at the associate and project level could be key to maintaining adequate capital, in our opinion.

• Will Australand be next? Separately, CMT yesterday announced a 9-for-10 rights issue at S$0.82 to raise S$1.23bn. CapLand owns 29.7% of CMT and has committed to take up its share of the rights estimated at S$365.8m. This figure could potentially go up to S$739 if demand for the rights falls short. Australand, with over A$700 worth of debt due for refinancing in 2009, could be next to require recapitalisation.

• Lower target price to reflect dilution; maintain Underperform. We lower our core FY09-10 EPS estimates by 44-49% to take in the effects of dilution and slower home sales. We also introduce FY11 numbers. Our adjusted post-rights CY09 RNAV drops from S$3.28 to S$2.36. Post-rights, our target price has been reduced from S$2.30 to S$1.65, still pegged at a 30% discount to RNAV and implying a cumrights target price of S$1.84. Post-rights P/BV of 0.7x, while undemanding, does not reflect trough valuations. Maintain Underperform.

臥龍先生

Nosurprise with weak results. CapitaLand (CapLand) announced a weak setof 4Q08 results, with revenue declining by 46.9% YoY to S$703.7m. Thiswas largely expected with the weak economic outlook and slow propertysales in 4Q08. Operating profit fell 53.1% to S$263.7m and the declinewas mitigated by gains from the divestment of Somerset Orchard and LinkREIT units. No provisions were made on the landbank that CapLandacquired during the property boom but a fair value loss of S$58.9m wasrecognized for its properties in Australia, Japan and UK. 4Q08 PATMIplunged 88.4% to S$78m, in line with our expectations.

Announcement of rights issue…finally. CapLandannounced a 1-for-2 rights issue at an issue price of S$1.30 per rightsshare to raise gross proceeds of S$1.84b. According to CapLand, thisrights issue is a preemptive move to enhance its capacity to seizeopportunities that arise. After the rights issue, CapLand's balancesheet will be further strengthened, with a cash hoard of S$6b andimproved net gearing ratio of 0.28x. The rights shares will also beentitled to CapLand's FY08 dividend of 7 Scents.

Cash call from CMT. In a separate announcement,CapitaMall Trust announced that it will be doing a rights issue andCapLand has agreed to subscribe for its proportionate rights units andfor excess units up to a maximum limit of 60% of the total rightsunits. Consideration to be paid by CapLand could range from S$365.8m(assume CapLand subscribe for its proportionate rights units) toS$739.2m (60% of rights units) and postrights net gearing wouldincrease from 0.28x to between 0.3x and 0.33x.

Upgrade to BUY. Using CapLand's end-FY08 bookvalue, our FY09 RNAV is now pegged at S$3.85 per share. In view of thestrengthening of CapLand's balance sheet after the rights issue, we arelowering our discount for development profits and investmentproperties, from the previous 40% to now 30%. We continue to peg thevaluation of CapLand's listed investment base at their market values,without discount. As such, our fair value of CapLand has been loweredfrom S$3.27 to S$2.99 (or ex-rights fair value of S$2.42). We are nowupgrading CapLand from HOLD to BUY as the stock has already fallen 34% since our downgrade on 5 Jan 2009 and the overhang from the Rights issue is now lifted.

臥龍先生

CapitaLand to Raise S$1.84 Billion as Profit Slumps (Update2)


Feb. 9 (Bloomberg) -- CapitaLand Ltd., Southeast Asia’slargest property developer, will raise S$1.84 billion ($1.2billion) by selling stock to existing shareholders, after fourth-quarter profit slumped 88 percent. Net income fell to S$78 million in the three months ended Dec.31, from S$674.7 million a year earlier, the company said in astatement today. CapitaLand plans to sell one share for every twoheld by investors, including Temasek Holdings Pte, at S$1.30 each,the Singapore-based developer said in a separate statement.


CapitaLand joins Singapore companies including DBS GroupHoldings Ltd. in turning to investors for cash as the globalfinancial crisis tightens the availability of credit. CapitaMallTrust, Singapore’s largest property trust and a CapitaLand unit,said today it will raise S$1.23 billion in a rights offer.

“This year is turning out to be a race in raising fundsthrough rights issues and has depressed CapitaLand’s shares fora while,” said Nicole Sze, a Singapore-based investment analystat Bank Julius Baer & Co., which manages $350 billion.“Earnings wise, CapitaLand was a disappointment and pressurescontinue to mount.”


Temasek is expected to buy as much as 39.7 percent of thedeveloper’s rights shares, CapitaLand Chief Financial Officer Olivier Lim said at a briefing in Singapore. Temasek,Singapore’s state-owned investment company, is the singlelargest investor in CapitaLand with a 39.7 percent stake,according to data compiled by Bloomberg.


Falling Demand     
Demand for property in Australia and China, CapitaLand’stwo largest overseas markets, has slumped amid slower economicgrowth. In Singapore, the government is forecasting a record 5percent contraction in the economy this year, and private homeprices declined in 2008 for the first time in five years.     
      
CapitaLand won’t build 12 malls in China as planned afterit reviewed its operations, Chief Executive Officer Liew MunLeong told reporters in Singapore.     
Fourth-quarter revenue declined 47 percent to S$703.7million, according to the income statement. Earnings thisquarter included a one-time revaluation loss of S$103.9 million,compared with a one-time gain of S$470.1 million a year earlieras property prices fell, the developer said.     
      
Full-year profit slid 54 percent to S$1.26 billion. Thatcompares with the median forecast of S$1.31 billion thatBloomberg compiled from 14 analysts. The developer plans to paystockholders 7 Singapore cents a share in dividends, including1.5 cents in a special payout.     
      
Home Prices Slump     
CapitaLand shares, which were suspended pending theannouncement, fell 0.8 percent to S$2.36 on Feb. 6 in Singaporetrading. The shares have dropped 24 percent this year, the worstperformer among the benchmark Straits Times Index’s 30 members.     
      
CapitaLand will buy as much as 60 percent of CapitaMallTrust’s rights shares, which are being offered at 82 Singaporecents apiece, the developer said.     
      
Home prices in Singapore retreated 6.1 percent in thefourth quarter, while office rentals slumped 6.5 percent, theUrban Redevelopment Authority said on Jan. 23. The fall in homeprices was the largest decline since the three months ended Dec.31, 1998, according to data tracked by Bloomberg.     
      
Sentiment will “remain cautious” in 2009 givenSingapore’s slowing economy, the developer said.


       CapitaLand’s stock sale “will help lower their gearing,and prepare them better for the anticipated devaluation lossesor further weakening in the property market fundamentals,” said Vikrant Pandey , an analyst at UOB-Kay Hian in Singapore.     

[ 本帖最后由 臥龍先生 于 11-2-2009 02:20 PM 编辑 ]

stanleymyc

有买吗？

freeflyer

设么价格才能买呢？

盘古盘古

在等着他跌到2.00以下就买,应该还好吧.

臥龍先生

原帖由 stanleymyc 于 20-2-2009 09:07 PM 发表
有买吗？

1.98 時用 cpf 買進了 1 lot. 等它回跌是再用 cash 多買一點

臥龍先生

原帖由 盘古盘古 于 25-2-2009 11:49 PM 发表
在等着他跌到2.00以下就买,应该还好吧.

星期一一度跌到 1.96 哦....

臥龍先生

For those do not wish to subscribe, please take note of the rights shares trading period:
Commencement of trading of Rights : Thursday, 26 February 2009 at 9.00 a.m.
Last date and time for trading of Rights : Friday, 6 March 2009 at 5.00 p.m.
CPF Holding - please check your stock investment limit. If not able to take up the right, you call sell your rights lates by 6 March 2009 at 5.00 p.m.


For those would like to take up the right:
Holding in CPF Investment A/c- please reply the letter to your agent bank.
Holding in CDP - please apply through ATM, charges S$2.00, go to OTHER SERVICES, IPO/RTS application, you can apply for excess if you wish to.

Last date and time for application and
payment for excess Rights Shares
: Thursday, 12 March 2009 at 5.00 p.m.
(at 9.30 p.m. for electronic applications)

臥龍先生

原帖由 臥龍先生 于 26-2-2009 09:11 AM 发表
For those do not wish to subscribe, please take note of the rights shares trading period:
Commencement of trading of Rights : Thursday, 26 February 2009 at 9.00 a.m.
Last date and time for trading o ...

成績出爐了....
Profit 掉了不少哦

The board of directors of the company has proposed a first and final dividend of 5.5 cents per share and a special dividend of 1.5 cents per share in respect of the financial year ended 31 Dec 2008.

stanleymyc

我决定收了。 等right 过后才卖。

臥龍先生

原帖由 stanleymyc 于 26-2-2009 10:54 AM 发表
我决定收了。 等right 过后才卖。

我覺得  capitaland 是值得長期投資的,  尤其現在的價錢那麼便宜.  這個時候公司還有大把的現錢,  應該很有作為吧...

freeflyer

今天保持在1.99 左右， 我想在1.8 进一点。

fwhe78

原帖由 臥龍先生 于 26-2-2009 09:11 AM 发表
For those do not wish to subscribe, please take note of the rights shares trading period:
Commencement of trading of Rights : Thursday, 26 February 2009 at 9.00 a.m.
Last date and time for trading o ...

我在二月十九日买了两个lot, 但直今还未收到right share的offer letter, 如此我该怎么办?

臥龍先生

原帖由 fwhe78 于 26-2-2009 09:17 PM 发表

我在二月十九日买了两个lot, 但直今还未收到right share的offer letter, 如此我该怎么办?

我想你應該打個電話給你的股票经纪

盘古盘古

不懂得还会不会跌价,会买几lot长线投资.各位心里有个心水价吗?

臥龍先生

原帖由 盘古盘古 于 26-2-2009 11:29 PM 发表
不懂得还会不会跌价,会买几lot长线投资.各位心里有个心水价吗?

只要是低過 SGD 2.00 的我覺得都是好價錢.  不過我自己在等待它到 1.90 收個 3 - 5 年,  到時說不定它又回到全盛時期,  SGD 8++,  到時就開番啦!!!

火柴_天堂

原帖由 fwhe78 于 26-2-2009 09:17 PM 发表

我在二月十九日买了两个lot, 但直今还未收到right share的offer letter, 如此我该怎么办?

二月十九日是ex-right

stanleymyc

所以他没有？ 我也是还没拿，不过CDP 有我的rights, 所以不用怕。