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Author: kimeng   |   Latest post: Wed, 17 Oct 2018, 11:17 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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