【CapMallsAsia JS8U 交流专区】凯德商用产业 CAPITAMALLS ASIA LIMITED

icy97

凯德商用产业收购武汉第四幅地皮
http://www.sharesinv.com/zh/articles/36695/

2013年01月16日
凯德商用产业(CapitaMalls Asia)在昨天向新交所提交的通告中宣布，它以6亿6,000万人民币收购了位于中国武汉的一幅黄金地段，并拟在2015年底前在该地段发展一座6层楼高的购物商场。该地段的使用权为期40年，将在2052年到期。除了能满足该区对零售服务的需求外，购物商场也具备加建两座办公楼的潜力。估计地段的总发展成本约为28亿人民币。若把这最新的发展计划包括在内，公司在武汉的购物商场合共为4座，另外3座商场是位于汉口的凯德广场·武胜(CapitaMall Wusheng)和凯德民众乐园(CapitaMall Minzhongleyuan)及位于武昌、在建中的凯德广场·1818(CapitaMall 1818)。总体而言，包括这项最新的发展在内，公司目前在中国的36个城市拥有60座购物商场，其中49座已在营业，余下的11座正在发展中。

启示：上述最新的商场所在地点优越，在5公里半径的面积内有约50万人口。除了位于两条主干公路解放大道和古田二路的交界处之外，连接汉口和汉阳的江汉六桥将于2015年完工，因而将提高到达新商场的便利。

icy97

CapitaMalls Asia top China retail landlord pick: Citi
http://www.theedgesingapore.com/the-daily-edge/business/42585-capitamalls-asia-top-china-retail-landlord-pick-citi.html

Fri, 1 Feb 16:26  
Citigroup adds CapitaMalls Asia (JS8.SG) to its Focus List.

"In the next few years, we expect China to be the key driver of CMA's earnings growth, as the company harvests gains from multi-year investments that have expanded its footprint to 36 cities in the country. The majority of the China portfolio is still in the growth stage, or in the process of stabilisation. India, from a low base, also offers significant upside potential," it says, expecting its Singapore exposure offers a visible stream of recurring income.

CMA's competitive advantages in China can't be easily replicated, including a strong brand equity and solid track record as a first-mover, ability to tie up with other local developers and access to a varied, cheaper pool of financing, Citi says.

"Moreover, CMA has an efficient capital recycling model (via three listed REITs and six private real-estate funds) that enables capital to be freed up for future growth opportunities, which offers upside to our earnings estimates." It tips CMA as its preferred pick among China's retail landlords and within Singapore's developers. It raises its target to $2.58 from $2.08 after increasing RNAV on changed China cap-rate assumptions; it keeps a Buy call.

The stock is up 3.2% at $2.23.

icy97

CapitaMalls drops most in 9 months on earnings
http://www.theedgesingapore.com/the-daily-edge/business/42672-capitamalls-drops-most-in-9-months-on-earnings.html

Thu, 7 Feb 16:45
CapitaMalls Asia., the retail property unit of Southeast Asia’s largest developer, fell the most in nine months in Singapore trading after fourth-quarter profit dropped 10 % on lower valuation gains.

The shares declined 4.2 % to $2.08 at 4:10 p.m. in Singapore, set for its biggest decline since May. The stock gained 72 % last year, making it the best performer on the Singapore benchmark index.

Net income slid to $184.8 million, or 4.8 cents a share, in the three months ended Dec. 31, from $205.4 million, or 4.3 cents, a year earlier, the company said in a statement through the stock exchange today.

Lower fair value gains from Singapore and China, and some losses in India resulted in CapitaMalls’ profit decline in the quarter, according to the company statement.

“CapitaMalls’ core profit for the full year was below expectations due mainly to higher costs for new mall openings,” Tricia Song, an analyst at Barclays Plc, said in a note to clients today. The lower profit was mainly due to about $12 million in opening costs for its seven new malls in China, $3 million of losses in India and higher finance costs, according to the note.

Excluding revaluations and one-time gains, profit for the year ended Dec. 31 was S$167 million, lagging behind Barclays’s estimate of S$189 million, according to the report.

Barclays maintained its neutral rating on the stock with a price target of $1.83, a 16 % decline from yesterday’s closing price.

CapitaMalls has total assets of $9.26 billion, with China contributing more than half, according to a company presentation today. Singapore accounts for 33 % while Malaysia and Japan each make up 7 %, the company said. China contributed to 42 % of the company’s earnings, while Singapore’s share was at 39 %.

CMA set to benefit from China retail outlook: OCBC
http://www.theedgesingapore.com/the-daily-edge/business/42670-cma-set-to-benefit-from-china-retail-outlook-ocbc.html

Thu, 7 Feb 16:37  
CapitaMalls Asia's (JS8.SG) results were a good round-off to FY12, with 4Q12 results mostly in line with expectations, OCBC says.

CMA's execution is in line with expectations, with the opening of seven malls in China over FY12, in line with the house's projection for eight, OCBC says; "we continue to view CMA favorably and see its share price likely benefiting from dual tailwinds ahead: increasing operational traction, as a larger component of its portfolio becomes operational, and relatively firm retail outlooks in China and Singapore."

It keeps a Buy call with $2.55 fair value. The stock is down 4.1% at $2.08.

China property moves may weigh CapitaMalls Asia: SIAS
http://www.theedgesingapore.com/the-daily-edge/business/42665-china-property-moves-may-weigh-capitamalls-asia-sias.html

Thu, 7 Feb 13:23
CapitaMalls Asia’s (JS8.SG) sharp post-earnings drop may be due in part to concerns over China’s moves to manage its property market, says Liu Jinshu, deputy lead analyst at SIAS Research.

Beijing has been talking about expanding a property-tax trial, which would likely affect consumer spending, but so far the government has sent mixed messages.

Additionally, media have reported China is banning radio and television advertising for luxury items, such as expensive watches and gold coins, as part of its crackdown on corruption, a move which could damp sentiment for the shopping mall operator’s stock.

CMA is down 3.7% at $2.09.

CapitaMalls Asia down 4.2%; Lacks catalysts: Religare
http://www.theedgesingapore.com/the-daily-edge/business/42663-capitamalls-asia-down-42-lacks-catalysts-religare.html

Thu, 7 Feb 12:32  
CapitaMalls Asia (JS8.SG) is down 4.2% at $2.08, the worst-performing STI component despite reporting 4Q12 revenue nearly doubled to $113.6 million; net profit for the period fell 10% on-year to $184.8 million on lower fair-value gains.

"It's not about the earnings," says Tata Goeyardi, an analyst at Religare Capital Markets. "The stock has done well. I just don't think there are any more catalysts on the stock to go forward except for the PATMI to go up," he says. "The problem is how do you realise value in CMA? It's not an earnings play. If you want an earnings play, you pick up a REIT." He notes CMA isn't looking to recycle its assets and it isn't paying a dividend; "you might as well buy CRCT (AU8U.SG)," he says.

"People were saying CMA is a good buy because they were finding ways to monetise their capital value, but I don't see that happening." Even at current levels, the stock is still up more than 7% year-to-date, after surging 71.7% in 2012; $2.00 may offer psychological support near-term.

icy97

重估增值额缩小拖累凯德商用产业的业绩
http://www.sharesinv.com/zh/articles/37248/

2013年02月08日
凯德商用产业(CapitaMalls Asia)在第四季度录得盈利从上一年同期的2亿零540万元下跌10%至1亿8,480万元。中国投资产业的合理值增幅缩小至2,430万元，因而抵消了1亿1,360万元的71.4%收入增幅。公司把营业额提高归功于在2012年7月收购的东京Olinas广场、在同年2月增持3个日本商场的股权、在9月开业的星悦汇(The Star Vista)带来贡献及项目和产业管理费提高。另外，全年收入及盈利分别提高46.7%至3亿6,172万元和19.7%至5亿4,600万元。公司建议派发每股0.01625元的终期股息；若把后者包括在内，全年总股息为每股0.0325元。

启示：巴克莱研究(Barclays Research)指出，公司的全年核心盈利比预期低，主要由于新商场开张及蒙财务成本。巴克莱研究也表示，公司的1.3倍股价与帐面值比及50倍核心股价与盈利比似乎已完全反映其价值。2013年的催化剂并不多。

icy97

CapitaMalls Asia Q1 net profit rises 9.6% to $73.2m
http://www.theedgesingapore.com/the-daily-edge/business/43605-capitamalls-asia-q1-net-profit-rises-96-to-732m.html

Thu, 25 Apr 10:36
CapitaMalls Asia Ltd’s first-quarter net profit rose 9.6% from a year earlier as contributions from new properties offset the lack of one-off gains from asset revaluations, the shopping-mall developer said Thursday.

Net profit for the quarter ended March 31 rose to 73.2 million dollars from $66.8 million, the Singaporean company said in a statement.

Revenue for the period rose 29.1% to $91.5 million from $70.9 million.

In the statement, CapitaMalls Asia said its key markets of Singapore, China and Malaysia “are expected to perform well in 2013, on the back of healthy tenant sales growth. The malls that opened in 2012 will start to contribute meaningfully to earnings in 2013.”

CapitaMalls Asia has a portfolio of 102 retail properties worth $32.3 billion, located across five countries: China, India, Japan, Malaysia and Singapore.

icy97

CapitaMalls Asia puts in winning bid of $357mil for Beijing mall
http://www.theedgesingapore.com/the-daily-edge/business/44687-capitamalls-asia-puts-in-winning-bid-of-357mil-for-beijing-mall.html

Mon, 15 Jul 22:47
CapitaMalls Asia has won a bid to acquire Grand Canyon Mall in Beijing, China for RMB 1.74 billion ($356.6 million).

The operational Grand Canyon Mall is located in the Fengtai District which is one of six core districts in Beijing and has a population of about 2.2 million.

CapitaRetail China Trust, a real estate investment trust under CapitaMalls Asia, will acquire the mall as part of an existing agreement between the two entities.

Grand Canyon Mall will be the company’s 10th mall in Beijing, where nine are operational and one is still under development.

All together, the company now has 61 shopping malls in 36 cities in China, of which 51 are operational while the other 10 are under development.

icy97

CapitaMalls Asia rises to two-month high
http://www.theedgesingapore.com/the-daily-edge/business/44830-capitamalls-asia-rises-to-two-month-high.html

Wed, 24 Jul 15:01
Shares in CapitaMalls Asia (CMA) gained 2.8%, supported by positive broker comments after the shopping mall developer reported a 41% jump in quarterly operating profit after tax and minority interests.

CIMB highlighted an improvement in CMA's operating margins and firm rents at the company's existing and new malls. "We expect further operational improvements to drive its share price," it said.

CMA rose in a steady Singapore stock market , with Singapore Exchange and Genting Singapore among other gainers. Market focus will be on SPH REIT as it begins trading later on Wednesday after pricing its $504 million offering at the top of its indicative range.

CMA shares have taken a beating over the past few months on worries of a credit crunch in China, a country that accounted for 44% of its revenue last year. "CMA has been aggressive in acquisitions, but is now focusing more on execution and improving yields," CIMB said.

icy97

Name of Announcer *	CAPITAMALLS ASIA LIMITED
Company Registration No.	200413169H
Announcement submitted on behalf of	CAPITAMALLS ASIA LIMITED
Announcement is submitted with respect to *	CAPITAMALLS ASIA LIMITED
Announcement is submitted by *	Choo Wei-Pin
Designation *	Company Secretary
Date & Time of Broadcast	14-Aug-2013 07:05:43
Announcement No.	00015

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

CMA PRESENTATION SLIDES - CAPITALAND DEBT INVESTORS DAY

Description

The attached presentation slides issued by CapitaMalls Asia Limited on the above matter is for information.

Attachments

CMA_Debt_Investor_Day_2013_14082013.pdf

icy97

凯德商用产业与樟宜机场集团合作发展宝石项目
http://www.sharesinv.com/zh/articles/40971/

2013年08月19日
凯德商用产业(CapitaMalls Asia)今天宣布，其全资子公司CMA新加坡投资 (6)与樟宜机场集团(新加坡)签订了谅解备忘录，双方将联手重新发展樟宜机场第一搭客大厦(T1)前方的路天停车场。这个名为“宝石项目(Project Jewel)”的行动是由总理李显龙昨晚于2013年国庆群众大会发言时，首先向大家披露。从一副动画绘制图可以看到一个像半圆形的宝石建筑物，这个地标提供了航空及旅游相关的设施，包括零售及休闲娱乐等，对象不单只是旅客，国人也可以尽情享用这里的设施。

启示: 机场及相关服务提供了16万3,000个就业机会，并占了新加坡国内生产总值(GDP)的6%。“宝石项目”是扩建樟宜机场计划中的一部分。由于区域机场如吉隆坡及曼谷素旺那普(Suvarnabhumi)国际机场都正在扩建中，因此为了保持竞争优势，扩建樟宜机场行动刻不容缓。

icy97

Name of Announcer *	CAPITAMALLS ASIA LIMITED
Company Registration No.	200413169H
Announcement submitted on behalf of	CAPITAMALLS ASIA LIMITED
Announcement is submitted with respect to *	CAPITAMALLS ASIA LIMITED
Announcement is submitted by *	Choo Wei-Pin
Designation *	Company Secretary
Date & Time of Broadcast	19-Aug-2013 07:32:03
Announcement No.	00010

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

CapitaMalls Asia collaborates with Changi Airport Group on project at Changi Airport

Description

The attached announcement issued by CapitaMalls Asia Limited on the above matter is for information.

Attachments

e_Annc_CMA_20130819.pdf

icy97

Name of Announcer *	CAPITAMALLS ASIA LIMITED
Company Registration No.	200413169H
Announcement submitted on behalf of	CAPITAMALLS ASIA LIMITED
Announcement is submitted with respect to *	CAPITAMALLS ASIA LIMITED
Announcement is submitted by *	Choo Wei-Pin
Designation *	Company Secretary
Date & Time of Broadcast	20-Aug-2013 20:00:58
Announcement No.	00131

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

Announcement by CapitaMalls Malaysia Trust ("CMMT") - Article in The Edge Financial Daily dated 20 August 2013 entitled "Tropicana to dispose of Mall, office block"

Description

CapitaMalls Asia Limited's subsidiary, CapitaMalls Malaysia REIT Management Sdn. Bhd., the manager of CapitaMalls Malaysia Trust, has today issued an announcement on the above matter, as attached for information.

Attachments

CMMTAnn_ClarificationArticle_20Aug2013.pdf

icy97

Name of Announcer *	CAPITAMALLS ASIA LIMITED
Company Registration No.	200413169H
Announcement submitted on behalf of	CAPITAMALLS ASIA LIMITED
Announcement is submitted with respect to *	CAPITAMALLS ASIA LIMITED
Announcement is submitted by *	Tan Lee Nah
Designation *	Company Secretary
Date & Time of Broadcast	23-Aug-2013 18:13:52
Announcement No.	00134

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

CAPITAMALLS MALAYSIA TRUST - "LETTER OF INTENT FROM TROPICANA CITY SDN. BHD."

Description

CapitaMalls Asia Limited's subsidiary, CapitaMalls Malaysia REIT Management Sdn. Bhd., the manager of CapitaMalls Malaysia Trust, has today issued an announcement on the above matter, as attached for information.

Attachments

Announcement_20130823.pdf

icy97

凯德商用产业在3Q13取得不俗表现
2013年10月30日
http://www.sharesinv.com/zh/articles/42370/

凯德商用产业(CapitaMalls Asia)截至2013年9月30日的九个月税及少数权益后盈利(PATMI)从3亿6,120万元增加6.2%至3亿8,360万元。3Q13的PATMI年比也提高了4%。9M13的营运PATMI从1亿3,650万元提高35.8%至1亿8,530万元，3Q13的营运PATMI年比则提高4.3%。业绩上升的主因有几个，其一是脱售勿洛馨居(Bedok Residences)取得一次过的收益，还有星悦汇(The Star Vista)于去年9月开业，以及分别位于新加坡和日本的三家和四家购物中心的资产提升工程在去年完工之后带来的收入增加。但3Q13的收入从1亿零210万元下跌10.1%至9,180万元，由于中国业务带来的产业管理费减少(因在2013年开业的购物商场比2012年少)。

启示：由于新加坡、中国、马来西亚和日本等主要市场的表现良好，公司将专心在中国和新加坡发展新商场，并为现有的商场进行资产提升工程，加上租户的销售额平均稳定增长约4.8%，预期公司将继续取得不俗的表现。


CapitaMalls Asia achieves PATMI of $64.8 mil for 3Q
Source: The Edge   |   Publish date: Wed, 30 Oct 10:48
http://www.theedgesingapore.com/the-daily-edge/business/46066-capitamalls-asia-achieves-patmi-of-648-mil-for-3q.html

CapitaMalls Asia announced today that it achieved profit after tax and minority interests (PATMI) of $64.8 million for 3Q 2013, an increase of 4.0% over the $62.4 million for 3Q 2012. Operating PATMI for 3Q 2013 was $65.1 million, a 4.4% increase over the $62.4 million for 3Q 2012.

Lim Beng Chee, CEO of CapitaMalls Asia, said, “Notwithstanding the uncertainty in the global economy, CapitaMalls Asia continued to record an increase in PATMI in the third quarter. Operating PATMI in the first nine months of this year increased 35.8% year-on-year, as our underlying business continued to grow.”

“Our key markets of Singapore, China and Malaysia continued to record growth in the third quarter. In China, the net property income of our malls grew 12.0% in the first nine months of this year, compared to the same timeframe last year. In that same period, total tenants’ sales on a same-mall basis increased 13.8%.”

“During the third quarter, we opened the second phase of CapitaMall Jinniu in Chengdu, China, with a committed occupancy of slightly more than 90.0%. In the fourth quarter, we target to open two malls in Singapore – Westgate and Bedok Mall, which are about 85.0% and nearly 100% leased respectively. We continue to be on the lookout for good acquisition opportunities in our key markets.”

icy97

凯德商用产业收购华南第八家购物中心
2013年11月20日
http://www.sharesinv.com/zh/articles/42755/

凯德商用产业(CapitaMalls Asia)的子公司CMA Asset Investment与广州绿地房地产开发(Greenland Real Estate)签订了协议，以收购白云绿地中心(Baiyun Greenland Centre)的零售部份第二期。白云绿地中心是位于广州白云区白云新城核心商业中心内的一个综合用途发展，其零售部份包含一座八层楼高的购物中心，总楼面面积(不包括停车场)约为8万6,000平方米。白云绿地中心的停车场设有1,620个停车位供使用。预期该购物中心将于2014年开业，并将为其3公里半径范围内的110万人口服务。完成购物中心的总投资额估计为26亿人民币(5亿3,410万元)。

启示：这项收购是公司进军华南区一线城市的策略行动之一。在完成交易后，公司在华南区的购物中心数量将增至八个。

icy97

Changi Airport Group and CapitaMalls Asia signs JV deal to develop Project Jewel at Changi Airport
Source: The Edge   |   Publish date: Fri, 20 Dec 20:32
http://www.theedgesingapore.com/the-daily-edge/business/46738-changi-airport-group-and-capitamalls-asia-signs-jv-deal-to-develop-project-jewel-at-changi-airport.html

Changi Airport Group (CAG) and CapitaMalls Asia have signed a joint venture (JV) agreement to develop an iconic mixed-use development at Changi Airport – codenamed Project Jewel.

The JV deal was signed by their respective wholly-owned subsidiaries, Jewel Changi Airport Holding and CMA Singapore Investments.

Including land cost, the development cost of Project Jewel is expected to be about $1.47 billion.

The two companies had previously entered into a Memorandum of Understanding to develop the concept and detailed plans for Project Jewel.

CAG and CapitaMalls Asia will be setting up a private trust, a trustee-manager and a property manager as the JV entities, with CAG being the majority 51% shareholder and unitholder of the JV entities and CapitaMalls Asia owning the remaining 49%.

To be built on the surface car park site fronting Changi Airport Terminal 1 (T1), which measures about 3.5 hectares (377,000 sq ft), Project Jewel will offer a range of facilities for airport operations, retail offerings and leisure attractions. With outstanding architecture and an exciting myriad of lifestyle offerings, this signature lifestyle destination will enable Changi Airport to capture greater tourism mindshare and strengthen its appeal as an air hub.

Project Jewel, with its distinctive dome-shaped facade made of glass and steel, will be an iconic landmark in Changi Airport’s landscape. It is designed by a consortium of design consultants comprising Safdie Architects, Benoy and local architects RSP. World renowned architect Moshe Safdie, who leads Safdie Architects, was behind the design of Marina Bay Sands, another iconic landmark of Singapore. Benoy, part of the design consortium for Terminal 4, and RSP were respectively the design consultant and local architects for ION Orchard, as well as the recently-opened Westgate in Singapore.

The complex will have five storeys above ground and five basement storeys, comprising two basement storeys of mainly retail and car park spaces and another three basement storeys of car park. The complex will cover a total gross floor area (GFA) of about 134,000 square metres (1,443,000 sq ft).

The redevelopment of the T1 car park will allow CAG to meet a critical objective of increasing Changi Airport’s passenger handling capacity. As part of the redevelopment works, T1, which was previously hemmed in by roadways, will be expanded, allowing for more space for the arrival meeters and greeters hall, baggage claim areas and taxi bays.

icy97

凯德商用产业及相关方以5亿7,940万元出售西城大厦
2014年01月06日
http://www.sharesinv.com/zh/articles/43820/

凯德商用产业(CapitaMalls Asia)联同凯德集团(CapitaLand)j及凯德商用新加坡信托管理(CapitaMall Trust)建议把西城大厦(Westgate Tower)位于第6层至25层的办公楼单位以5亿7,940万元 出售。

这个位于裕廊东的产业是西城综合发展的办公楼部分，另一个部分为购物商场。这栋办公楼目前在兴建中，净可出售面积为30万平方英尺，并预期在2014年尾完工。

截至宣布消息的日期及考虑到凯德商用产业在凯德商用新加坡信托管理的27.6%股益，凯德商用产业在西城综合发展的股益大约为58.3。

启示: 当销售完成后，西城综合发展的办公楼部分将会完全出让，而余下的楼层(6楼以下)是属于购物商场。

icy97

凯德商用产业的FY13表现稳固，即将推出大型项目
文： 吴文青 （译：伍丽芳） 2014年02月17日 企业摘要
http://www.sharesinv.com/zh/articles/44778/

截至2013年12月31日的第4季，凯德商用产业(CapitaMalls Asia, CMA)的收入从4Q12的1亿1,360万元下滑至1亿零370万元，原因是CMA于2013年开设的商场较少，导致中国业务的租赁佣金及项目管理收费减低，加上日元兑新元疲弱，令日本业务的贡献减少。若不包括把新加坡业务的一些员工成本从收入重新分类为销售成本所带来的影响，CMA的4Q12收入应为1亿零450万元，继而缓和了4Q13收入下跌的冲击。

由于销售成本、行政开支和融资成本分别减少13.5%、18.7%及16.3%，CMA的4Q13盈利上扬17.1%至2亿1,640万元。按全年表现来看，CMA的收入取得适度的增长，上升5.3%至3亿8,040万元，因为新加坡的商场星悦汇(The Star Vista)和日本的Olinas Mall带来全年贡献，CMA的FY13盈利提高9.9%至6亿元。

除了中国绵阳的涪城凯德广场第二期发展项目之外，CMA已计划在2014年开设4座新商场，中国及印度各2座。目前，CMA分别在中国和印度经营51家和2家商场。CMA认为其策略可为它带来商机，并表示这两个国家仍有巨大的增长机会仍未被发掘，尤其是在中国的一级城市如广州和深圳。

在新加坡，随着勿洛广场(Bedok Mall)和西城(Westgate)最近开幕，CMA将在2014年从这两个商场取得全年营业额。同时，由于销售勿洛馨居(Bedok Residences)公寓单位和西城大厦(Westgate Tower)办公室单位，CMA也将得以在2014年确认这些盈利。CMA正计划推出名为“宝石计划”(Jewel Project)、耗资15亿元的综合发展项目，其中包含零售、机场与酒店设施及景点，总楼面面积为140万平方英尺。CMA表示，“这个项目将不会仅是另一个淡滨尼广场(Tampines Mall)”，而是拥有独特与新颖零售概念的商场，旨在为大批旅客、飞机搭客和樟宜区的新加坡人服务。

在媒体发布会上提出的问题还包括管理层将如何应付购物商场领域中的激烈竞争。对此，管理层认为竞争是在所难免，所以不是焦点，更确切地说，焦点应该是评估经理如何让自家商场有别于其他商场的能力。一座商场若能够成功地与其他商场区别开来，将可吸引更多人前去购物，增加销售，因而令CMA的租金收入提高。

CMA的商场组合就印证了这一点。其FY12至FY13的购物人流量、租户销售及净产业收入平均分别取得2.3%、4.7%和7.9%的年比增长。你认为，CMA将能否维持其目前的表现吗？

icy97

献议每股5.76‧溢价23% 凯德79亿私有化商用产业

财经 天下  2014-04-16 11:38
（新加坡15日讯）凯德集团（Capita Land）献议以每股2.22新元（约5.76令吉）或总值30.6亿新元（约79.4亿令吉），收购上市的子公司凯德商用产业（CMA）的所有股票，然后将后者除牌。

据《联合早报》报道，凯德集团目前持有凯德商用产业的约65.3%股权。

凯德商用产业上周五的闭市价是1.805新元（约4.68令吉），而献议价比最后闭市价高出23%，也较过去一个月成交量加权计算平均价（VWAP）1.748新元（约4.54令吉）高出27%。

长期跌破发售价

报道指出，凯德商用产业是在2009年11月上市，股价在上市四年半以来，鲜少突破首次公开募股的价位（2.12新元或约5.50令吉）。

年初至今已经下跌了约8%。

凯德集团财务总监蓝道义则表示，他们认为这个献购价是合理的，已考虑到股价过去的波动和股息。

林明彦去年初上任时，就开始整合集团业务架构，将业务分成四个主要结构，包括凯德新加坡、凯德中国、凯德商用产业和雅诗阁（Ascott），并强调新加坡和中国为核心市场。

整合提升效率

凯德集团表示，这项收购是为了整合凯德商用产业、让集团业务结构更精简、增加集团的灵活度和规模，以及释放股东价值。

凯德集团总裁兼总执行长林明彦在记者会上说：“综合发展项目的重要性越来越高，但一方面若我们仅靠凯德集团或凯德商用产业，难以独自进行一个综合发展项目。

另一方面，两家上市公司一起去进行一个项目，则必须经过多个上市监管相关的手续。”

他表示，在整合后就能更快捷地掌握住市场上的商机和减少繁琐的过程，并补充综合发展项目更能够从亚洲的城市化进程、消费文化、收入增加的这些趋势中获益，他们也将继续寻找新加坡和中国的综合发展项目商机。【南洋网财经】


CapitaLand offers $2.5 billion to buy out minority holders in shopping mall unit
BY ANSHUMAN DAGA AND SAEED AZHAR
SINGAPORE Mon Apr 14, 2014 2:35pm IST
http://in.reuters.com/article/2014/04/14/us-capitamalls-capitaland-idINBREA3D0A520140414

(Reuters) - CapitaLand Ltd (CATL.SI), Southeast Asia's biggest property developer, said it has offered S$3.06 billion ($2.45 billion) to buy out minority shareholders in its 65-percent owned CapitaMalls Asia Ltd (CMAL.SI) business.

In a deal that would simplify its corporate structure and taking advantage of a discount valuation at the unit, CapitaLand said on Monday it's offering S$2.22 per share in CapitaMalls, a shopping malls operator. That represents a 23 percent premium to last Friday's CapitaMalls closing share price of S$1.80.

Trading in both CapitaMalls and CapitaLand, 39-percent-owned by Singapore sovereign investor Temasek Holdings TEM.UL, was halted from the start of trading on Monday pending an announcement.

"It's a function of a change in strategy" at CapitaLand, said Donald Chua, head of Asia ex-Japan property research at CIMB. "The new CEO has been trying to restructure the company and he wants to increase ROE (return on equity) and IRR (internal rate of return)," he said.

CapitaMalls stock has been trading at a discount to revised net asset value in the last few years, Chua said. Shares in CapitaMalls have traded below its IPO price of S$2.12 for most of the period since it was listed in late 2009.

After being named chief executive in January 2013, Lim Ming Yan has taken steps to focus on CapitaLand's core businesses in China and Singapore, while the company has shed stakes in non-core markets. In March, CapitaLand sold its remaining 39.1 percent stake in Australia's Australand Property Group (ALZ.AX) for around $849 million.

SINGAPORE SLOWDOWN

There has been a spate of acquisitions in Singapore's real estate sector over the past two years, where business tycoons are taking advantage of depressed prices to take listed property firms private.

Firms linked to Singapore's fourth-richest man, Wee Cho Yaw, are involved in two such takeovers, following a move by the chairman of luxury developer SC Global Developments Ltd, Simon Cheong, to take his firm private in late 2012.

The CapitaMalls offer comes as Singapore's property market enters a slowdown following a number of measures by the government to cool the market by imposing lending curbs and taxing foreign buyers. The market is still up about 59 percent since 2009, fuelled by rock-bottom lending rates and foreign buyers.

CapitaLand said the acquisition would simplify the group's organizational structure and boost shareholder returns.

"CapitaLand Group will benefit from a clearer structure - with a single listed developer integrated across all asset classes," CapitaLand said in a statement to the Singapore exchange on Monday.

CapitaMalls, which manages 105 shopping malls, earned 43 percent of its revenue from China last year, 32 percent from Singapore, and most of the rest from Japan and Malaysia.

Morgan Stanley (MS.N) and Credit Suisse (CSGN.VX) are advising CapitaLand on the transaction.

(Reporting by Anshuman Daga and Saeed Azhar; Additional reporting by Eveline Danubrata; Editing by Kenneth Maxwell)

icy97

每日头条 | 2014年04月21日
http://www.sharesinv.com/zh/articles/46305/

凯德商用产业(CapitaMalls Asia)在截至2014年3月31日的季度录得营业额提高4.8%至1亿2,500万元，由于来自日本和中国的产业收入增加及新加坡业务的产业管理费提高。员工相关成本因收入提高而增加，毛利率因而从66.4%下跌至63.9%。公司的净利升幅因而缩小至2.8%，本季度的净利为7,530万元。

icy97

CapitaLand raises offer price to CapitaMalls Asia
Source: Reuters   |   Publish date: Fri, 16 May 11:49  
http://www.theedgesingapore.com/the-daily-edge/business/48378-capitaland-raises-offer-price-to-capitamalls-asia-update.html

CapitaLand has raised its offer to take over the remaining shares of CapitaMalls Asia to $2.35 from $2.22 per share, the companies said on Friday.

CapitaLand, Southeast Asia’s largest property developer, launched a $3.06 billion offer last month to buy out minority shareholders in CapitaMalls Asia, in which it already owned about 65%, with the intention to delist the mall operator.

By Thursday evening, CapitaLand had received valid acceptances to shares amounting to about 2.6% of the total issued share capital of CapitaMalls Asia, according to an exchange filing by the parties.

CapitaLand said it will not further revise the offer price, and has extended the closing date of the offer from May 26 to June 9. The offer has become unconditional, it said.

CapitaMalls Asia made its debut on the Singapore Exchange in 2009, with an initial offering price at $2.12.

There has been a spate of acquisitions in Singapore’s real estate sector over the past two years, as tycoons take advantage of depressed prices to delist property firms.

A consortium including Singaporean billionaire Ong Beng Seng and Wheelock Properties (Singapore) increased its offer price for a stake in Hotel Properties earlier this week.