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

臥龍先生

FY２００９　ＥＰＳ　２５.９ｃｅｎｔｓ
恭喜卧龙，以你的成本价，接近１３％的利润。
PaPerSoldier 发表于 11-2-2010 01:02 PM

你是指我買進時的股價嗎 ? 不止 13% 囉....

PaPerSoldier

回复 181# 臥龍先生


   我算eps啦。。。

PaPerSoldier

JUST ASK: 'How to value the stocks of property developers?'

http://www.nextinsight.net/content/view/2191/60/

Q1. I read that Roxy-Pacific, a property developer, has a NAV of 21 cents a share, and a RNAV of 47.3 cents a share. Why is there this metric called NAV if the RNAV reflects the current market valuation of the assets?

Ernest: Net asset value is calculated in the following manner: (Assets – Liabilities) (as recorded on the balance sheet). It is necessarily to note that the assets are typically recorded on the balance sheet on a historical cost basis i.e. the original cost in purchasing the asset.

These values will be adjusted upward for improvements made to the asset, or downwards for the loss in value of the assets.  Thus, NAV is different from RNAV where RNAV takes into account the current market value of the assets.


Roxy-Pacific (30.5 c) trades at a far higher discount (35.5%) to its RNAV (47.3 c) than developers in this list by DBS Vickers.
Q2. I read also that the RNAV of Roxy-Pacific is about 60 cents a share if “profits from unrecognized revenue from the sale of development properties were to be taken into account”. Can you elaborate on what this means?

Ernest: Although I know that it has unrecognized revenue of S$280.8m to be recognized in FY10 and FY11, I do not have a concrete idea how much this will impact its RNAV.


Q3. I read that another property developer, Allgreen Properties, has a NTA of S$1.48. Is there a difference in meaning between NTA and NAV/RNAV?



Ernest: NTA or net tangible assets is calculated in the following manner: (Assets – Liabilities – intangible assets). Examples of intangible assets are patents, goodwill and trademarks.

Thus, with reference to Q1, there is a difference as NTA removes the “intangible assets” portion which can be subject to large fluctuations. However, it is noteworthy that on Allgreen FY09 financial statements, it is shown as NAV (and not NTA).

Q4. What is the meaning of book value as applied to property developers? Does book value equal NAV?



The Feast@East restaurant at Roxy-Pacific's hotel - the Grand Mercure Roxy Singapore.
Ans: Yes, book value is synonymous with NAV.

Q5. Finally, it seems that shares of property developers trade at a discount to their RNAV and/or NTA. Are there logical reasons for this?

Some possible reasons may be due to the fluctuations and subjectivity in RNAV. For example, the RNAV of Roxy-Pacific dropped from 50.70 cts a share in FY08 to 47.33 cents a share in FY09 as its hotel asset was valued lower due to a fall in its hotel business in 2009.

Secondly, valuation is rather subjective, and two valuers of the same property may arrive at different end values.

Thus, RNAV can be used as a gauge but it is not a “cast in stone” value where the share price must reach. Furthermore, the prices of property developers’ shares are subject to changes in market sentiment, as well as, fundamentals. Thus, it is not surprising to see the shares trading at a discount or premium to its RNAV.

PaPerSoldier

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has been awarded a contract to manage a serviced residence in Danang, the fourth largest city in Vietnam, by Korea Investment & Development Co., Ltd. The latter is an established real estate consortium that specialises in commercial and residential developments across major cities in Vietnam. The serviced residence property is scheduled to be completed in 2012.

PaPerSoldier

CapitaMall Trust Management Limited (the "Manager"), as manager of CapitaMall Trust
("CMT"), wishes to announce that CMT MTN Pte. Ltd. (the “Issuer”), a wholly-owned subsidiary
of HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of CMT) (the
“CMT Trustee” or the “Guarantor”), has established a US$2,000,000,000 Euro-Medium Term
Note Programme (the "EMTN Programme"), which will be unconditionally and irrevocably
guaranteed by the Guarantor. In connection therewith, Morgan Stanley Asia (Singapore) Pte.
has been appointed to act as the arranger and a dealer.



CapitaMall Trust Management Limited (the “Manager”), as manager of CapitaMall Trust
("CMT"), wishes to announce that CMT MTN Pte. Ltd. (the "Issuer"), a wholly-owned subsidiary
of HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of CMT) (the
"CMT Trustee" or the “Guarantor”), intends to issue US$500,000,000 4.321% Fixed Rate
Notes due 2015 (the "Notes"). The Notes will be issued under the US$2,000,000,000 Euro-
Medium Term Note Programme established by the Issuer on 29 March 2010 (the "EMTN
Programme") and will be unconditionally and irrevocably guaranteed by the Guarantor. Morgan
Stanley Asia (Singapore) Pte. has been appointed as dealer of the Notes.

ariessycx

Seems like this counter is not so actractive as per previous after the seperation of CMA. I will not put in more money for this stock at the moment until it go south to S$3.30.
The dividend declared is not as much as predicted...
Unless the residential business keep growing up in China and Vietnam, otherwise i think the CMA is more actractive in this place.

PaPerSoldier

回复 186# ariessycx


Not to forget Capitaland is the biggest holder of CMA.

if i dun remember wrongly, capitaland is holding 65% of cma.

So if cma is doing good, it ll be reflected on capitaland too.
Provided SG property market is unchanged.



of course i think CMA has greater potential as the China factor.
imagine how many cities china has...and how many shopping malls they will have...
it's definitely a too big cake to share.

PaPerSoldier

14 April 2010
AUSTRALAND SECURES HAMILTON SITE
Australand has entered into a contract with the Port of Brisbane Corporation for the purchase of a
1.8 hectare fully serviced land parcel at the Northshore Hamilton site, fronting the Brisbane River.
The acquisition price is conditional upon various approvals which are expected to be achieved by
late 2010. The purchase price will be a combination of an upfront payment of $11.1 million and a
share of revenues through the life of the project. The site is zoned residential and will initially
deliver around 150 homes with profit contribution expected from FY12. Australand has also
secured options to acquire the remaining 4.5 hectares of the site, in stages, which have the
potential to deliver a further 850 homes.
“Securing this large scale, prime Northshore Hamilton site, will allow us to further increase
Australand’s residential presence in the growth market of Brisbane”, said Bob Johnston,
Australand’s Managing Director.
Rod Fehring, Australand’s Executive General Manager - Residential said, “This landmark site is a
good illustration of our strategy to selectively target urban infill sites that will deliver both
increased densities and superior levels of public and private amenity.”
“We look forward to working closely with local residents and stakeholders to ensure the project
enhances the surrounding areas”.
The Northshore Hamilton site is approximately 7km from the Brisbane CBD, bordered by the
newly developed 2.5 hectare Northshore Riverside Park and is located within 500m of the area’s
dining and shopping precincts. Australand will develop the site with a diverse product range of
apartments, attached and detached homes to capitalise on the location and surrounding amenity.
Construction is expected to commence in 2011 with a marketing campaign for the first stage of
the project due to commence in September 2010.
Australand is one of Australia’s leading residential developers and its active projects in
Queensland include Kangaroo Point’s Yungaba, Carindale’s Solito, Belmont’s Hillcroft and the
Ivadale Lakes residential precinct at Caloundra.

PaPerSoldier

CapitaLand reported a net profit of $115.4 million for the first quarter ended Mar 31, 2010. This is 2.7 times the $42.9 million earned a year ago. Revenue rose 41 per cent over the same period to $687.3 million, with contributions coming largely from residential development projects in Singapore, China and Vietnam. There were also higher contributions from service residence operations. The property giant's earnings per share in Q1 was 2.7 cents, up from 1.2 cents in the previous year.

PaPerSoldier

ASCOTT BOOSTS ITS PRESENCE IN INDONESIA WITH SECOND CITADINES SERVICED RESIDENCE
Citadines Jakarta Rasuna will be Ascott’s 8th property in Indonesia
Singapore, 21 April 2010 – CapitaLand‟s wholly-owned serviced residence business unit, The Ascott Limited (Ascott) has secured a contract to manage its second Citadines-branded serviced residence in Indonesia. To be named Citadines Jakarta Rasuna, the new serviced residence will reinforce Ascott‟s position as the largest international serviced residence owner-operator in Indonesia with over 1,600 apartment units in eight properties in Jakarta and Surabaya. Citadines Jakarta Rasuna is expected to be completed in 2011 while the first Citadines property in Indonesia, Citadines Jakarta Quartier, will open in the second half of 2010.

PaPerSoldier

CapitaRetail China Trust announced net property income of RMB93.9 million, resulting in income available for distribution of S$13.3 million for 1Q 2010. The DPU for the quarter will be 2.14 Singapore cents, which translates to annualised DPU of 8.68 Singapore cents, unchanged from 1Q 2009.

kelvinkiu

看来中国政府要打压楼产的决心是不可动摇地。人民币存款准备金率提高，银行供给人民贷款的资金就更减少了。对冷却房产的作用是根本性的。

网易财经5月2日讯 据央行网站消息，中国人民银行决定，从2010年5月10日起，上调存款类金融机构人民币存款准备金率0.5个百分点，农村信用社、村镇银行暂不上调。

这是今年内央行第三次上调存款准备金率，前两次分别在今年1月18日和2月25日。

业界普遍认为，此次存款准备金率的上调，意味着宽松的货币政策转向信号明显，对于目前低迷的股市和楼市来说，无疑将承受巨大压力，甚至可以说是“雪上加霜”。

存款准备金率已经三次上调，此前期预期颇强的加息“靴子”何时会落下？加息离我们更远了还是更近了？

专家们对此的意见难以统一。认为加息可能性变小的一个重要理由就是，因为”房地产调整就相当于一次加息“。

国泰君安首席经济学家李迅雷就抱有这个观点，他在5月2日晚间对网易财经表示，存款准备金率的调整是市场中常见和常用的货币调控工具，这次解决外汇占款过大，而不能说明国内经济已经过热。

加息主要取决于CPI，而CPI将在10月达到4%的峰值，而全年平均水平将在3.2%，可基本实现年初政府工作报告制定的3%的目标涨幅。

另一种观点认为，加息在年内是个必然的政策选项，因为上调存款准备金率是为收缩市场流动性，加息才是应对经济过热的根本之道。

申银万国高级宏观经济分析师李慧勇对网易财经表示，频繁上调的存款准备金率和央票的发行，表明国内经济正处于过热局面，预计年内加息将成为必然。

在全球复苏浪潮中，一季度中国GDP同比增长11.9% ，傲视群雄，即使与经济景气的年份相比，也是”过热“区间之内了。

无论是否加息，五一节后的股市楼市恐怕都难逃一轮”雪上加霜“的调整期。根据网易财经数据库资料显示，从08年开始的10次存款准备金率调整中，股市上扬的只有三次，节后股市表现不容乐观。

房地产市场同样不乐观，在雷霆万钧的中央房地产调控政策风暴之后，各地更加严厉的调控政策接踵而来。部分热点地区的楼盘已经出现降价动作和趋势。调高存款准备金率无疑会在房地产企业融资上”开始拧紧了水龙头“。

klyeoh

谁知道Capital land发生什么事??为什么下降如此多?

ky..

回复 1# klyeoh


    跌了多少???

klyeoh

从去年 4.00++ 跌到 2.50++... 无言问老天爷

superman11

再补仓？？

hunter3

2011的贴叻。。。。。

backtohere

2011的贴叻。。。。。
hunter3 发表于 11-5-2012 04:42 PM

    我手上有10 lots 的capitaland, 平均價格 $2.45.  如果它跌到2.4以下, 我會再進貨.

hunter3

captiland 我在3.07卖了。在p/e<10和新加坡和prc的房地产的前景好转下会再进场。

franklyss

回复 198# backtohere


   你的十lot几时买进的