Friday, July 26, 2013

CapitaLand 2Q13 Results below expectations (UOBKH)

Price/Tgt: S$3.21/S$4.45      
 1-Yr Hi/Lo: S$4.03/S$2.94      

CapitaLand (CAPL SP) 2Q13 Results Flash: Net profit of S$383.1m, down 0.7% yoy, below expectations

•    Results below expectations. CapitaLand reported 2Q13 net profit of S$383.1m bringing the 1H13 earnings to S$571.3m, up 10.1% yoy driven by strong revenue contribution from development projects in Singapore and China, as well as rental income from the shopping mall business. Excluding the impact of portfolio gains of S$108.5m, revaluation gains of S$232m, S$10.5m in impairment charges and S$27.7m one-off loss booked in 1H13, the core 1H13 operating profit of S$269m is below our expectations accounting for 33.6% of our full year forecast of S$801.5m (36.5% of consensus forecast of S$736.7m).

•    Strong residential sales of S$1.6b reported in Singapore (683 units of which lions share came from D'Leedon) which is more than a threefold increase over S$467m seen in 1H12. CapitaLand targets to launch Marine Point and Bishan St 14 in 2H13.

•    In China, CapitaLand sold 1691 units with a sales value of S$640m in 1H13, 60% higher yoy. The units sold were from The Metropolis in Kunshan, The Pinnacle and Paragon in Shanghai, The Loft in Chengdu and iPark under Raffles City Shenzhen.

•    Management guided for a cautious stance towards the housing market in Singapore in the near term with the recent government measures on Total Debt Servicing Ratio cap expected to have an impact on overall residential property sales.  However, management expects a sustainable
demand for new homes over the long-term.

•    For CapitaMalls Asia Limited, the revenue growth in 1H13 was mainly contributed by Olinas Mall and The Star Vista. CMA's key markets Singapore,China and Malaysia are expected to perform well in 2013, on the back of sustained tenant sales growth and meaningful contribution from the malls that opened in 2012.

•    Valuation. We have a BUY recommendation with a target price of S$4.45/share, pegged at a 15% discount to our RNAV of S$5.23/share.

Source/Extract/Excerpts/来源/转贴/摘录: UOBKH-Research,
Publish date: 25/07/13

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