CapitaMalls Asia

[LenaHuat]

Congrats to all who had the conviction to buy Huat indeed.

[winston]

Not vested. From DBS:-

Execution on track, highlights from China malls visit
• China growth drivers on track
• New developments to support medium term expansion
• Maintain Buy with TP of $2.51

Exploring China malls. Our site visit to CMA’s completed and pre-completed properties, in Beijing, Tianjin and Sichuan indicate that development activities are on track.

Occupancy of the malls are full or close to, while rental yields have been improving from initial low single digits to mid single digits as a result of asset enhancement or
repositioning activities.

Malls under development to complete from 2010-13. Of the 50 malls in China, 33 malls are operational and a further 17 new malls are expected to be ready beyond 2012
including Raffles City Chengdu and Cuiwei, which are currently under construction, while the Meili and Tianfu projects, which are newly acquired, will be finished beyond 2011.

This will provide a continuous income stream to underpin rental growth in the medium term as well as higher revaluation surpluses when the properties are completed. The latter have been reflected in our RNAV but n ot in our FY10-12 forecasts.

Maintain Buy, TP $2.51. Our target price of $2.51 is premised on a 10% premium to RNAV of $2.28. Notwithstanding the impact of potential for Chinese currency appreciation to its China exposure, CMA’s China portfolio is expected to grow from the present 30% of portfolio to 38% when fully completed.

In addition, with its lowly geared balance sheet, the group is well positioned to tap new opportunities in Singapore and overseas. CMA is currently trading at close to 1.6x P/bk NAV, in line with its nearest peer Hang Lung Properties.

[winston]

Not vested.

CAPITAMALLS ASIA CapitaMalls Asia said its wholly-owned subsidiary CapitaMalls Asia Treasury has established a S$2 billion Euro-Medium Term Note Programme which will be used to refinance existing borrowings and financing the investments as well as general corporate purposes.

It also said Deutsche Bank , Morgan Stanley , and Standard Chartered have been appointed to act as the joint arrangers and the dealers.

Source: Reuters

[winston]

Do you understand this ? Can you extrapolate it into the future ?

CAPITAMALLS ASIA CapitaMalls Asia, one of Asia's biggest mall operator, reported net profit of S$96.8 million for the first quarter ended March, nine times the S$10.3 million booked a year ago.

Source: Reuters

[millionairemind]

Do you understand this ? Can you extrapolate it into the future ?

CAPITAMALLS ASIA CapitaMalls Asia, one of Asia's biggest mall operator, reported net profit of S$96.8 million for the first quarter ended March, nine times the S$10.3 million booked a year ago.

Source: Reuters

And the stock is still stuck at 229-230 for donkey days liao...

[Blackjack]

Justed switched my holdings in Heeton into this ticker... hope its a good choice man

[kennynah]

Do you understand this ? Can you extrapolate it into the future ?

CAPITAMALLS ASIA CapitaMalls Asia, one of Asia's biggest mall operator, reported net profit of S$96.8 million for the first quarter ended March, nine times the S$10.3 million booked a year ago.

Source: Reuters

And the stock is still stuck at 229-230 for donkey days liao...

how come ah ??

[Blackjack]

Seems like a rather untimely switch...

[LenaHuat]

Hi Blackjack
If you had read the earlier posts in this thread, it could have saved you some pain. From day 1, I thought this ticker was overpriced at 2.12. Investors are pre-investing at this price. There is no urgency to pick this ticker up as I anticipate prices to run up from maybe ard 2Q 2011 when more revenue flows in from completed malls by end 2011.

[winston]

Not vested. From DBS:-

Maintain BUY call on CapitaMalls Asia, TP of S$2.51.

CMA’s China exposure is mainly in retail shopping malls that they own, manage & are currently developing. Currently, China accounts for 30% of assets but will grow to 38% when fully completed.

CMA’s performance should not be affected by the recent policy measures initiated by the PRC government,
which are targeted at cooling the demand for residential housing.