Stock Name: Capitaland
Company Name: CAPITALAND LIMITED
Nomura Research in a Sept 19 research report says: "CMA's current valuation of its Luwan project (total estimated cost CNY30,275psm) and Raffles City Beijing (CNY25,974psm) appear conservative compared to SOL's acquisition of an 80% stake in Shui On Plaza at CNY47,071psm and HKL's acquisition of the Wangfujing commercial site at CNY22,121psm.
"We cut our earnings forecast by an average 20.7% to chiefly reflect (1) the latest completion schedule of CMA's malls in China and SG; (2) higher preop expenses; (3) the acquisition of additional stakes in the Shanghai malls; and (4) our revised earnings for CMT.
"We ascribe a 30% discount to our GAV estimate (ex-listed entities) to reflect longer asset maturity in China, resulting in a cut in price target to $1.69 (from $2.23), which implies a FY12F P/B of 1. BUY."
Company Name: CAPITALAND LIMITED
| Research House: Nomura | Price Call: BUY | Target Price: 1.69 |
Nomura Research in a Sept 19 research report says: "CMA's current valuation of its Luwan project (total estimated cost CNY30,275psm) and Raffles City Beijing (CNY25,974psm) appear conservative compared to SOL's acquisition of an 80% stake in Shui On Plaza at CNY47,071psm and HKL's acquisition of the Wangfujing commercial site at CNY22,121psm.
"We cut our earnings forecast by an average 20.7% to chiefly reflect (1) the latest completion schedule of CMA's malls in China and SG; (2) higher preop expenses; (3) the acquisition of additional stakes in the Shanghai malls; and (4) our revised earnings for CMT.
"We ascribe a 30% discount to our GAV estimate (ex-listed entities) to reflect longer asset maturity in China, resulting in a cut in price target to $1.69 (from $2.23), which implies a FY12F P/B of 1. BUY."
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