Monday, November 4, 2013

CapitaMalls Asia - Well-Stocked for this Christmas (MKE)

CapitaMalls Asia -
Buy (unchanged)
Share price:SGD2.04
Target price:SGD2.56 (from SGD2.51)
Well-Stocked for this Christmas

Opening two more malls before Christmas. CapitaMalls Asia (CMA) reported in line 3Q13 core PATMI of SGD65.1m (+4% YoY; +22% QoQ), taking 9M13 core PATMI to SGD185.3m, or 75% of our full-year estimate. CMA is on track to open Bedok Mall and Westgate (both in Singapore) before Christmas this year, which will bring greater cheer as they underpin earnings growth for FY14. CMA remains our preferred pick amongst Singapore developers, and we have raised our TP to SGD2.56, pegged to a 10%-discount to RNAV.


Malls operating at healthy metrics. YTD, CMA’s existing malls in Singapore enjoyed same-mall NPI growth of 3.8% on the back of tenants’ sales growth of 3.2% psm. Overall, its malls in China are operating at a very healthy average occupancy rate of 97.2%, with YTD tenants’ sales growing at 9.8% psm YoY. We believe these healthy metrics validate CMA’s mall positioning as well as its lease management abilities.

Set to entrench its leadership position. In Singapore, CMA is on track to open Bedok Mall and Westgate in 4Q13 before Christmas, having already achieved commitment rates of ~100% and ~85% respectively. CapitaMall Jinniu (Phase II) in Chengdu, China, opened on 29 Sep with >90% occupancy and CMA expected the mall to achieve an NPI yield of ~7% after its first year of operation.

Ample financial strength for more acquisitions. CMA’s cash position now stands at SGD1.2b, which will comfortably cover outstanding commitments of about SGD930m. We estimate that CMA still has headroom for ~SGD500m worth of acquisition before its net gearing reaches 0.5x, which is still healthy, in our view. One acquisition possibility is Project Jewel, the iconic development at Changi Airport, which we believe CMA may possibly be offered an equity stake.

Our preferred pick amongst Singapore developers. We reiterate CMA as our top pick, with a TP of SGD2.56, pegged to a 10% discount to RNAV. We believe CMA continues to be an attractive proxy to consumerism in the region.




Source/Extract/Excerpts/来源/转贴/摘录: MKE-Research,
Publish date: 31/10/13

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