Friday, November 22, 2013

CapitaMalls Asia - First Acquisition in Guangzhou (MKE)

CapitaMalls Asia -
Buy (unchanged)
Share price:SGD2.04
Target price:SGD2.56 (unchanged)
First Acquisition in Guangzhou

Acquisition in line with strategy. CMA is acquiring its first mall in Guangzhou. The partially-completed mall is valued at CNY2.2b, and CMA targets to open in phases beginning Dec 2014. The vendor is Greenland Real Estate. We see this as an attractive acquisition and in line with CMA’s strategy to build scale in regions it is already present in. Reiterate BUY. Our SGD2.56 TP is pegged to a 10% discount to RNAV.


A strategically-located project. The property is located in the redevelopment area of what used to be the former Guangzhou Baiyun International Airport. Situated in the heart of the commercial centre, the property is also directly linked to Baiyun Park subway station, currently serving the subway Line 2. By 2020, the station also serves a new Line 12. The population catchment comprises ~1.1m residents within a 3km-radius, as well as office workers in the vicinity.

Price appears fairly attractive. The property is an eight-storey mall which is part of an integrated development comprising a strata-titled office and retail elements. With a GFA of 86,000 sqm, the mall is valued at CNY25,581 psm on a bare-shell basis. Including fit-out, CMA estimates the total investment cost at CNY2.65b (CNY30,767 psm GFA). We think this is a fairly reasonable price given that Greenland sold the strata-titled mall at an average of CNY35,000 psm GFA some two years ago. CMA will also not have to bear development risks.

Mall to open as early as end-2014. As the mall is already under construction by the vendor, CMA estimates that it will be able to open half of the mall by Dec 2014 and the rest by mid-2015. As a mid-to-high end lifestyle mall, the property will present differentiated retail offerings from its older competitors nearby, namely G5 Mall (converted from the old airport passenger terminal) and Baiyun Wanda Plaza.

Establishing presence in the South. The acquisition would allow CMA to build scale in South China, where it will now have eight malls and three of them are within an hour’s drive from the latest acquisition. This is in line with CMA’s strategy to focus on key clusters, which will also include Beijing, Shanghai, Chengdu, Chongqing and Wuhan


Source/Extract/Excerpts/来源/转贴/摘录: MKE-Research,
Publish date: 20/11/13

No comments:

Post a Comment

Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)
“错过时机”胜于“搞错对象”:不会全军覆没!”
做自己熟悉的事,等到发现大好机会才投钱下去

乔治·索罗斯(George Soros)

“犯错误并没有什么好羞耻的,只有知错不改才是耻辱。”

如果操作过量,即使对市场判断正确,仍会一败涂地。

李驰(中国巴菲特)
高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo


There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
冷眼(冯时能)投资概念
“买股票就是买公司的股份,买股份就是与陌生人合股做生意”。
合股做生意,则公司股份的业绩高于一切,而股票的价值决定于盈利。
价值是本,价格是末,故公司比股市重要百倍。
曹仁超-香港股神/港股明灯
1.有智慧,不如趁势
2.止损不止盈
成功者所以成功,是因为不怕失败!失败者所以失败,是失败后不再尝试!
曾淵滄-散户明灯
每逢灾难就是机会,而是在灾难发生时贱价买股票,然后放在一边,耐性地等灾难结束
  • Selected Indexes 52 week range

  • Margin of Safety

    Investment Clock

    World's First Interactive Investment Clock