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Credit Suisse recommends BUY with Target Price of $2.22
● We assume coverage of and upgrade CMT from a Neutral to an
OUTPERFORM, with a new target price of S$2.22 (from S$2.10),
which implies 23% potential upside. CMT is the largest S-REIT
and the most liquid proxy to the improving retail sector.
● CMT was the worst performer in our CS S-REIT universe due to
its then premium valuations and refinancing concerns (put option
for 2013 CB). We think these concerns have now partly been
priced in, given street’s DPU cuts and weak price performance.
● Two key catalysts: (1) the ION injection may take place this year,
which would add 2S˘ to our target price and (2) fruition of the
AEIs at JCube and Atrium, which may boost 2012 DPU by 19%.
Potential trading opportunity if placement (for ION) is announced.
● Valuations are attractive at 5.6% FY12E yield (normalised
average of 5.2%). We have conservatively cut FY11-12E DPU by
5-14% to incorporate the impact of the CB put option and lower
occupancy at Atrium in view of AEI.
Good Luck
BTW, have you been to illuma ?
Plus :
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1113975/1/.html
Plus :
Heeren problem with ALT - the anchor tenant .......run road in less than 1 year.
eastcivic ( Date: 28-Feb-2011 09:51) Posted:
huat ah!!!
plus the new Jurong East shopping centre coming up.... huat ah!! 
krisluke ( Date: 28-Feb-2011 07:51) Posted:
SINGAPORE, Feb 28 (Reuters) - Singapore's CapitaMall Trust Management said on Monday it has entered an agreement to buy a shopping mall in the city-state, Iluma, for S$295 million ($231 million).
" Iluma is a new shopping mall in Singapore located at Victoria Street opposite the popular Bugis Junction, one of CMT's existing properties. The mall has a net lettable area of 185,190 square feet," CapitaMall Trust said in a statement. CapitaMall is part of Singapore's CapitaLand, Southeast Asia's largest property firm.
($1 = 1.277 Singapore Dollars) (Reporting by Harry Suhartono) ((Harry.Suhartono@thomsonreuters.com)(+65 6403 5658) |
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Citigroup upgrades CapitaMall Trust (C38U.SG) to Buy from Hold and keeps its $2.00 target price, noting CMT has fallen 7% year-to-date, underperforming the STI, which has declined 6% over the same period.
It estimates the Illuma acquisition would increase DPU by approximately 1%, given its low financing cost of 2%.
It says the mall has a favorable lease expiry profile, with slightly over 50% of its leases expiring over the next two years, while there is potential to extract more net leasable area and increase occupancy: “Management believes it is possible to improve the mall’s current efficiency of 62% to about 68%, which would provide more area for lease. Currently at 83.7%, occupancy has upside potential given that much of the vacancy is at the prime levels.”
The house adds, CMT offers a stable yield of over 5.5%, backed by recurrent rental income from its existing portfolio of malls. The REIT is off 1.6% at $1.83.
/theedge/
Is IIuma sold by Sponsor, Capitalland to CMT ?
I think this should be going down further.... Can wait....
huat ah!!!
plus the new Jurong East shopping centre coming up.... huat ah!!
krisluke ( Date: 28-Feb-2011 07:51) Posted:
SINGAPORE, Feb 28 (Reuters) - Singapore's CapitaMall Trust Management said on Monday it has entered an agreement to buy a shopping mall in the city-state, Iluma, for S$295 million ($231 million).
" Iluma is a new shopping mall in Singapore located at Victoria Street opposite the popular Bugis Junction, one of CMT's existing properties. The mall has a net lettable area of 185,190 square feet," CapitaMall Trust said in a statement. CapitaMall is part of Singapore's CapitaLand, Southeast Asia's largest property firm.
($1 = 1.277 Singapore Dollars) (Reporting by Harry Suhartono) ((Harry.Suhartono@thomsonreuters.com)(+65 6403 5658) |
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SINGAPORE, Feb 28 (Reuters) - Singapore's CapitaMall Trust Management said on Monday it has entered an agreement to buy a shopping mall in the city-state, Iluma, for S$295 million ($231 million).
" Iluma is a new shopping mall in Singapore located at Victoria Street opposite the popular Bugis Junction, one of CMT's existing properties. The mall has a net lettable area of 185,190 square feet," CapitaMall Trust said in a statement. CapitaMall is part of Singapore's CapitaLand, Southeast Asia's largest property firm.
($1 = 1.277 Singapore Dollars) (Reporting by Harry Suhartono) ((Harry.Suhartono@thomsonreuters.com)(+65 6403 5658)
Nothing wrong with this statement. For the ave joe like me.....2% is much better than FD lor......low risk, guarantee COE why not. The bulk buying are Town Councils, Trade Unions..........
KiKiKi ( Date: 26-Feb-2011 15:07) Posted:
Still people buy the bonds leh, how?
2% guranteed interest better than lost 10% in stock market in 2 mths i guess.....
SupremeA ( Date: 22-Feb-2011 10:30) Posted:
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Still people buy the bonds leh, how?
2% guranteed interest better than lost 10% in stock market in 2 mths i guess.....
SupremeA ( Date: 22-Feb-2011 10:30) Posted:
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FRIDAY, 25 FEBRUARY 2011 17:53
CapitaMall Trust said it will increase the size of its public bond offer by $100 million because of demand. It will also reallocate $25 million from the placement portion of the bond to the public offer, the trust said in a statement today. The total issue size of the bond issue will increase to $300 million from $200 million, it said.
/theedge/
Downward pressure, Short.
2% bonds. Crazy.
CapitaMall Trust (CMT) has recently announced the establishment of S$2.5b Retail Bond Programme. As a start, it is offering S$200m 2-year retail bonds at a fixed coupon rate of 2%. This issue marks the third corporate retail-bond offering (after SIA and CMA) in less than six months. One of the reasons for doing so is to lock in the low interest rate (fixed rate) before further rate hikes. As of 31 Dec 2010, CMT has an average cost-of-debt of 3.7%, with about 98.7% of total debt on fixed-rate basis. On the back of the successful offering from its sponsor CMA, we view this move positively as it helps to lower the average cost-of-debt for CMT. We have thus lowered our average cost-of-debt estimates by 15bps for our valuation, in anticipation of the successful take-up of the retail bonds. CMT is presently trading at a PBR of 1.17x PBR, versus its historical PBR of 1.35x since listing. We think the discount is unwarranted, considering CMT's track record of impeccable property selection and operational management. We upgrade CMT to a BUY rating on valuation grounds, with an increased RNAV-derived fair value of S$1.98.
/ospl/
CapitaMall found support at 1.82 and triggered a bullish harami cross formation. good chance to rebound from here.
http://sgsharemarket.com/home/2011/02/capitamall-bullish-reversal/
CapitaMall Trust (CMLT.SI), which owns shopping malls in Singapore, said on Wednesday it is setting up $2.5 billion retail bond programme and offering up to $200 million two-year retail bonds.
CapitaMall Trust, about 30% owned by CapitaMalls Asia (CMAL.SI), said the bonds under the Programme will be issued by HSBC (HSBA.L) Institutional Trust Services, in its capacity as trustee of CapitaMall Trust.
It also has appointed DBS (DBSM.SI) as the arranger and dealer for the retail bond programme.
DBS will also act as the sole bookrunner and lead manager for the offer of the $200 million bonds.
CapitaMall Trust said in a statement to Singapore Exchange it will offer up to $50 million of the total to the public while the remaining up to S$150 will be set aside for institutional and other investors.
Stocks start with Capit family seem to be gone with the wind.
Hi, anyone knows what is happening to capitamall ?? It just keep falling.
Relax laaaa.......as the saying goes lor Good company sell debt, OK company sell renounable bond and bad company sell shares.
rickyw ( Date: 28-Jan-2011 17:03) Posted:
i'm watching until cram...
Andrew ( Date: 28-Jan-2011 16:52) Posted:
| Are you watching now.......wow....abit fiece now.... |
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i'm watching until cram...
Andrew ( Date: 28-Jan-2011 16:52) Posted:
| Are you watching now.......wow....abit fiece now.... |
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Are you watching now.......wow....abit fiece now....
