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Author: kimeng   |   Latest post: Fri, 25 May 2018, 09:43 AM

 

CapitaLand Limited: 4Q17 Results In-line With Consensus’ Expectations

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CapitaLand announced its 4Q17 results this morning which were in-line with consensus’ expectations. Revenue dipped 34.6% YoY to S$1,212.6m largely due to lower completion and handover from development projects in China, but partially offset by increased contributions from development projects in Singapore.

Similarly, PATMI came in at S$267.7m, representing a decline of 37.8%. Operating PATMI was also down 44.9% YoY to S$159.4m.

For FY17, CapitaLand’s revenue fell 12.2% to S$4,609.8m, but PATMI jumped 30.3% to S$1,550.7m. Operating PATMI rose 5.0% to S$908.3m and this met 99.6% of Bloomberg consensus’ FY17 forecast.

This growth was underpinned largely by improved performance from its development projects in Singapore, shopping mall and serviced residence businesses, but partially mitigated by lower contributions from development projects in China and Vietnam.

A final dividend of 12 S cents per share was declared, which translates into a healthy yield of 3.5% based on yesterday’s closing price of S$3.47.

Separately, CapitaLand also announced that it has successfully acquired Pearl Bank Apartments through a private treaty collective sale for S$728m. Including a lease top-up premium estimated at S$201.4m, the acquisition land price works out to be ~S$1,515 psf. We estimate a breakeven ASP of ~S$2k psf.

We are maintaining BUY on CapitaLand but our fair value estimate of S$4.13 is under review pending an analyst briefing later.

Source: OCBC Research - 13 Feb 2018

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Labels: CapitaLand

Related Stocks

Chart Stock Name Last Change Volume 
CapitaLand 3.55 -0.01 (0.28%) 5,230,800 

Market Buzz

Date Type Subject
25-May-2018 Announcement Annual Reports and Related Documents::
25-May-2018 Announcement Share Buy Back - Daily Share Buy-Back Notice::Share Buy-Back Notice
25-May-2018 Announcement Disclosure of Interest/ Changes in Interest
25-May-2018 Announcement Asset Acquisitions and Disposals::Increase in shareholding in C31 Ventures Fund 1 Pte. Ltd. and C31VF1-001V Pte. Ltd.
25-May-2018 Announcement Disclosure of Interest/ Changes in Interest
24-May-2018 Announcement Share Buy Back - Daily Share Buy-Back Notice::Share Buy-Back Notice
23-May-2018 Announcement General Announcement::CapitaLand Commercial Trust: Approval In-Principle for Listing and Quotation-130,000,000 New Units
23-May-2018 Announcement Share Buy Back - Daily Share Buy-Back Notice::Share Buy-Back Notice
23-May-2018 Announcement Disclosure of Interest/ Changes in Interest
23-May-2018 Announcement Change in Corporate Information
23-May-2018 Announcement Asset Acquisitions and Disposals::Establishment of subsidiary, QCH Franchise Management Pty Ltd
22-May-2018 Announcement General Announcement
22-May-2018 Announcement Share Buy Back - Daily Share Buy-Back Notice::Share Buy-Back Notice
22-May-2018 Announcement General Announcement::Non-deal Roadshow, Kuala Lumpur, Malaysia (23 May 2018)
21-May-2018 Announcement Share Buy Back - Daily Share Buy-Back Notice::Share Buy-Back Notice

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