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

臥龍先生

CapitaLand – 3Q09 Results (Wilson LIEW)

Previous Day Closing price: $4.30
Recommendation: BUY (maintained)
Target price: $5.04 (upgraded from $4.60)

First-half net loss reversed

CapitaLand announced a strong 3Q PATMI of $281.3m, reversing a $114.1m net loss as of 1H09. Revenue jumped by 77% qoq to $1.0b. The strong result was mainly attributable to stronger-than-expected profit recognition from The Seafront on Meyer, which was making its maiden contribution. Earnings were also boosted by a $52.8m gain from the divestment of Link REIT units.



Singapore residential was the biggest contributor

Singapore accounted for 36% of EBIT, mainly from The Seafront and Latitude. CapitaLand launched 360 units of the Interlace in September, and 273 units have been taken up as at end-September, achieving a median price of $1047 psf. We maintain our ASP assumption of $900 psf for the entire project. The Group also has the 165-unit Urban Suites (formerly Char Yong Gardens) launch-ready.



Riding on China’s upswing

China accounted for 29% of CapitaLand’s 3Q09 EBIT. CapitaLand sold 1611 units in China up to September, more than doubling the 782 units sold in FY08. The Group allocated a further $500m of capital to China in August 09, allowing the SBU to grow its portfolio with a stronger balance sheet.



Vietnam market’s back in play too

CapitaLand revealed that it soft launched the project called Mulberry Lane in Hanoi in Oct 09, with a block of 330 units fully booked in less than two days. It achieved an ASP of US$1350-1700 psm. The Group intends to ramp up its investments in Vietnam, targeting to grow to 5-10% of the Group’s total assets in 3-5 years’ time. To facilitate the growth, the Group has set aside $299m of new investments in Vietnam.



Ticket to the global recovery. Maintain BUY.

We see CapitaLand as a good proxy to the global economic recovery, due to its strategic geographical exposure. Its balance sheet will be further bolstered with the proceeds from listing CMA. We have adjusted our target price to $5.04, pegged at a 20%-premium to RNAV of $4.20. Maintaining our BUY recommendation.

普罗旺斯

纸兵朋友，

养兵千日，用在一时。机会永远会留给有准备的人，时间问题而已（我觉得会很快）。共勉之吧！

PaPerSoldier

小弟不才。
不能充分理解
这句话的意思，
”机会永远会留给有准备的人“
尤其是在capital land 上，呵呵

无与伦比的美丽

昨天刚买进2 lots,今天就掉了。。。

nick3384me

原帖由 无与伦比的美丽 于 29-10-2009 11:37 AM 发表
昨天刚买进2 lots,今天就掉了。。。

买到好的股票不怕跌，今天不是升回了吗？

財神

大家买了吗？ S$4.03 了
我昨天买 3 lot 了。

PaPerSoldier

你买来收长期还是短期的？

財神

说不定，看他怎么升了。
一直上的话就长期收着了。

ccube

Capitaland asia retail  什么时候上市啊？

PaPerSoldier

大概明年一月。存钱吧。

普罗旺斯

嘉德置地集团旗下的中国基金在中国的发展真的很积极，商场等大多建在地铁附近。

PaPerSoldier

原帖由 普罗旺斯 于 21-11-2009 09:44 AM 发表
嘉德置地集团旗下的中国基金在中国的发展真的很积极，商场等大多建在地铁附近。

有资料分享吗？
对了，capitaland 以后会专注于房地产发展，而cma会专注于商场。
地铁附近的策略是沿用他们在新加坡的成功模式。
我觉得是错不了。能够拿下这些地段，有本事。

PaPerSoldier

26 Nov 2009
·         CapitaLand Limited announced the establishment of an indirect wholly-owned subsidiary incorporated in The People’s Republic of China. The subsidiary, Guangzhou Jia Xun Investment Consultancy Co., Ltd will have a registered capital of US$150,000 (approximately S$210,000).



·         CapitaLand Limited announced that its indirect wholly-owned subsidiary, Foshan CapitaLand Property Management Co., Ltd. has increased its registered capital from RMB500,000 (approximately S$103,000) to RMB3 million (approximately S$616,000).

PaPerSoldier

Old news:
嘉德置地总裁廖文良：已做好A股上市准备
http://money.163.com/09/0925/22/5K3E7C5U002534NU.html

PaPerSoldier

Old news again:
不过可以从中看出嘉德置地中国在中国的运营方式和长处

250亿开发贷款敲定 嘉德置地中国继续攻城
http://house.focus.cn/news/2009-06-10/691343.html



长处
有政府出面支持
融资容易

“与大摩、花旗、ING等进入中国的外资地产基金相比，凯德置地具备地产开发能力；与国内众多地产巨头融资渠道相比，凯德置地的优势之一是可以通过地产基金进行融资。”

从早前的融资渠道来看，凯德置地的发展资金容易受到国外资金性质的约束，在资金的效率和资金的流动速度上也受到一定限制。而这，或许是该集团在2008年一度保持沉寂的原因。而从中行及工行拿到最多250亿元的开发贷款，如果融资到位，将是它继续在中国扩张的重要保障。

“对于房地产开发商来说，项目开发的资金是首要解决的问题；其次就是看项目，看拿地喽。”
“据我了解，目前凯德正在北京、天津等地寻觅新的项目或地块，其中天津地区以未开发地块为主，北京地区则或是地块和“烂尾”项目兼而有之。他们现在北京的朝阳、东城、顺义、昌平等区域都有项目，接下来肯定会把范围扩大，在海淀等区域拿地。”

针对外资企业的限外令颁布之后，政府不允许外企直接参与土地的招拍挂。该业内人士透露，嘉德置地喜欢采取与本土地产商合作的拿地战略：与目标城市的大型企业进行合作，开发本土项目，这样的合作方式容易扫除一些障碍；同时，它可以利用本土开发商的长期“嗅觉”，摸清本土客户的需求，较快地融入当地市场。

看来在中国有钱还不一定买得到地。。。

臥龍先生

CapitaLand – Company Update (Wilson LIEW, DID: 64321454)

Previous Day Closing price: $4.09
Recommendation: BUY (maintained)
Target price: $5.06 (upgraded from $5.04)

CMA IPO a success
The IPO of CapitaMalls Asia (CMA) was a success. The retail tranche of 95m shares was 4.9x subscribed and the placement tranche of about 1.1b shares was 2.5x subscribed. Including the over-allotment option, the IPO raised about $2.8b, and CapitaLand’s stake in CMA is now 65.5%. The last closing price of $2.36 for CMA was an 11% increase from its IPO price of $2.12 per share.

Special dividend likely at around 12 cents
CapitaLand netted a gain of about $883m as a result of CMA’s listing. As alluded by the management, shareholders may be rewarded with a special dividend to be paid out from the gain. Assuming a 60% payout from the net gain, we estimate that the special dividend could be around 12 cents, on top of our forecast of a 3-cent ordinary dividend. The payout is likely to be around May next year, after the AGM.
Redeployment of funds into residential and hospitality businesses

With CMA separately listed, CapitaLand will look to redeploy most of the proceeds into the residential and hospitality businesses, particularly in China. The Group had also formed the CapitaLand Vietnam Executive Committee in September to better steer its operations there, where the Group intends to increase its exposure from 1% to 5-10% of total assets, which we estimate to be about an additional $2b worth of investments.

M-E operations not affected by Dubai defaults
The impact on the Group’s Middle-East operations from the ongoing Dubai debt fallout is minimal, if any. The Group had made a conscious effort not to invest in Dubai. Instead, the Group’s operations are in Abu Dhabi and Bahrain, where it is jointly developing Rihan Heights and Raffles City Bahrain, respectively.
Entering the next growth phase

We believe that CapitaLand is well-positioned for their next leg of growth. We also think that 2010 is a good year for the mid-to-high end property segment in Singapore, which bodes well for the Group, as it prepares to launch Urban Suites, Farrer Court and the rest of the Interlace. We have tweaked our target price to $5.06, pegged at a lower 15%-premium to RNAV of $4.40. Maintain BUY.

PaPerSoldier

special dividend 还要等那么久啊。。。今年五月。。。

臥龍先生

Singapore, 6 January 2010 – CapitaLand started preview sales in Singapore for phase one of its Urban Suites condominium just before the Christmas holidays in December 2009. Located in the Cairnhill area in Singapore’s prime Orchard Road shopping district, Urban Suites is a high-end development with 165 apartments. Under phase one, a total of 60 units were released and sold to buyers who were prepared to purchase more than one unit. All 60 units were sold at prices ranging from S$2,400 to S$2,700 per square foot. CapitaLand plans to launch the second phase, comprising approximately 50 units, in Jakarta, Indonesia, next week.

PaPerSoldier

回复 141# 臥龍先生


印尼好多有钱人。。。
SGD2400 psf 还不止买一间。。。

PaPerSoldier

CapitaLand Ltd announced that its wholly-owned subsidiary of CapitaLand (Vietnam) Holdings, had signed a Joint Venture Agreement with Hoang Thanh Investment and Infrastructure Development Joint Stock Company, a leading real estate developer in Vietnam, to jointly develop a 14,000-square metre residential site in Ha Dong District in Mo Lao New Urban Area, Hanoi. The site, to be developed into four residential towers with about 960 apartments, has an estimated total project development cost of US$170 million (approximately S$239 million).