Stock Name: CapMallsAsia
Company Name: CAPITAMALLS ASIA LIMITED
Phillip Securities Research in a July 22 research report says: "CapitaMalls Asia (CMA) reported lower 2Q11 top-line of $62.8mil, a decrease of 13.9% y-o-y.. PATMI was however boasted by revaluation gain on properties of $142.3 million to $164.9 million, a 100.8% y-o-y increase.
"CMA opened one mall each in China and India in 2Q11, and 3 more in the malls opening pipeline for 2H11. The management declared an interim dividend of 1.5 cents to be paid in Sept 2011 and guided that shareholders can expect total dividend of 3 cents for FY2011.
"We adjust our estimates to factor in the total dividend of 3 cents for FY11 instead of 2 cents in our previous forecast. As a result of the payout, RNAV is lowered to $1.94 from 1.95. Fair value is thus lowered from $1.76 to $1.75 pegged at the same 10% discount to RNAV to reflect its inherent long capital commitment period. MAINTAIN BUY."
Company Name: CAPITAMALLS ASIA LIMITED
| Research House: Phillip Securities | Price Call: BUY | Target Price: 1.75 |
Phillip Securities Research in a July 22 research report says: "CapitaMalls Asia (CMA) reported lower 2Q11 top-line of $62.8mil, a decrease of 13.9% y-o-y.. PATMI was however boasted by revaluation gain on properties of $142.3 million to $164.9 million, a 100.8% y-o-y increase.
"CMA opened one mall each in China and India in 2Q11, and 3 more in the malls opening pipeline for 2H11. The management declared an interim dividend of 1.5 cents to be paid in Sept 2011 and guided that shareholders can expect total dividend of 3 cents for FY2011.
"We adjust our estimates to factor in the total dividend of 3 cents for FY11 instead of 2 cents in our previous forecast. As a result of the payout, RNAV is lowered to $1.94 from 1.95. Fair value is thus lowered from $1.76 to $1.75 pegged at the same 10% discount to RNAV to reflect its inherent long capital commitment period. MAINTAIN BUY."
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