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  1. #1
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    Dow Jones Newswires 25 August 2015

    24 August 2015 Analysts: Better 2H To Bring CapitaLand 29% Upside Aspire, Hot Picks
    CapitaLandís 2QFY15 was buoyed by higher fair value gains as well as higher shopping mall and serviced residence contributions. On the other hand, 2QFY15 result was partly offset by weaker residential earnings. Overall, 1H15 net profit came in at only 32 percent of analystsí forecast for FY15.
    With 70 percent of the groupís earnings supported by recurring income, CapitaLand is provided with a steadily growing base to sustain its long-term Return on Equity (ROE) targets. Following the recent share price weakness, the stock offers 29 percent upside to its current share price.
    2Q Uplift by Higher Fair Value Gains

    Capitaland reported an eight percent rise in top line to $1.03 billion, boosted by higher revenue from shopping malls, serviced residence and China residential operations as well as a fair value gain of S$148M from reclassifying a change of use for the Paragon development.
    CapitaLandís Profit After Tax and Minority Interests (PATMI) increased 5.8 percent YoY to $464.0 million, lifted by higher revaluation surplus from investment properties (change of use of two Chinese projects: The Paragon Tower 5 & 6, and Raffles City Changning Tower 3) and one-off gain from the repurchase of bonds. However, PATMI was partially offset by an impairment charge for the International Trade Centre in Tianjin.
    Stripping these and other impairments out, CapitaLandís bottom line would have been $130M (2Q15) and $240 million (1H15), accounting for 32 percent of full-year forecast.
    China, Singapore Residential Market Face Headwinds
    CapitaLandís management continues to take a cautious stance towards the domestic residential space and expects persistent headwinds from existing cooling measures. In Singapore, CapitaLand sold 37 units worth $106 million over the quarter. Its domestic unsold inventory stock amounts to approximately $2.7 billion, which is about 7.6 percent of the groupís total assets.
    Apart from lower residential profits from Singapore, China contributions dipped on fewer homes completed during the quarter, 702 (worth RMB 1.03 billion) vs. 4,985 units (worth RMB 4.6 billion) in 2Q14. The pace of home sales in China picked up significantly in 2Q15 with 2,764 units sold Ė up 162 percent YoY versus the 1,054 units sold in 2Q14. However, gross margins for CapitaLandís Chinese residential segment have eased to around 20 percent and will likely continue to face downward pressure ahead.
    The fall in earnings from the Chinese and Singapore market was partly offset by better performance from the shopping mall business, with tenant sales price per square foot and shopper traffic up 11 percent and 4.5 percent yoy respectively. Serviced residence operations also saw a one percent rise in Revenue per available unit (RevPAU).
    Overall, CapitaLandís 2QFY15 results are mostly in line with analystsí expectations with year to date operating PATMI constituting 55.4 percent of the full year forecast.
    Last edited by better than ever; 08-25-2015 at 02:22 PM.

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    FY15 Earnings to be Boosted In 2H15

    FY15 Earnings to be Boosted In 2H15

    2H earnings are expected to be better than that of 1H, with a higher scheduled completion of 3,494 units in China, of which 74 percent has already been sold. In addition, contributions from shopping malls and serviced residences have been growing steadily. Two additional malls and Raffles City Changning office tower are also expected to be completed in 2H15.
    CapitaLand is keen to sharpen its focus on the role of technology in real estate and has recently invested US$50 million in Tujia, a Beijing-based online apartment-sharing business, and also formed a joint venture to operate and franchise a new brand of serviced apartments in China.
    CapitaLandís recent tie-ups between Ascott and QIA as well as its strategic investment in Tujia will enable the group to leverage its management platforms and increase income, while enhancing its offerings via technology. With a gearing of 0.53x, it is well placed to seek new investment opportunities in its core markets in Singapore and China, and its growth markets in Vietnam.

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    24 Aug 2015 09:26 CST

    24 Aug 2015 09:26 CST DJ Global Selling Sends Singapore Stocks Down Almost 2% at Open -- Market Talk 0126 GMT [Dow Jones] Singapore's FTSE Straits Times Index is swept up in a wave of global selling, following Friday's dismal performance in U.S. stock markets, to trade 1.9% lower at 2914.01 shortly after the open. Leading losers is Noble Group (N21.SG), down another 5.6% to S$0.42 a share. SembCorp Marine (S51.SG) and Jardine Matheson (J36.SG) fall 4.3% and 3.7%, respectively. Meanwhile, Dukang Distillers (GJ8.SG) falls 4.6% after issuing a profit warning, while Oxley Holdings (5UX.SG) is a rare gainer, up 1.3% after reporting its financial performance.

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    Market Talk

    24 Aug 2015 08:07 CST DJ Singapore Dollar Slides Vs USD as Risk Aversion Takes Hold -- Market Talk 0007 GMT [Dow Jones] USD/SGD has climbed sharply Monday, implying a weaker Singapore dollar, as risk aversion escalates. The Singapore dollar is close to setting a new 5-year low against the greenback, which could happen if USD/SGD surpasses the Aug. 12 mark of 1.4164; the pair is currently at 1.4145. Friday's sharp fall in U.S. stocks, which ended 3.2% lower, has set off panic-buying of traditional safe haven assets such as the U.S. dollar and gold. The financial market rout which began with China's stock market cracking under short-selling pressure - sparked by weaker economic data - is likely to keep the U.S. dollar buoyant. But there is speculation of China's central bank stepping in soon with fresh monetary policy easing measures, which could alleviate the stock market collapse. USD/SGD is now 1.4145 from its Friday close of 1.4078.

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    24 August 2015 Improper business practices revealed

    24 August 2015 Improper business practices revealed at S i2i units; Corrective actions taken SINGAPORE (Aug 24): S i2i Limited, the telecom and IT services provider, says a staff member of its Cavu Group has admitted to creating evidence that companies within the group had in its possession an amount of software and stock when in fact such software and stock was not in its possession.
    The same staff member also admitted to creating documents on two lease/hire purchase agreements involving companies within the Cavu Group and a third-party company.
    Another staff member of the Cavu Group also failed to disclose his interest in companies which had dealings with the group. There is also evidence to suggest that one of these dealings may not have taken place on an at armís length basis.
    These improper business practices were uncovered during investigations by Ernst &Young Advisory after it released a qualified opinion and emphasis of matter report on S i2i's FY2013 financial statements.
    Meanwhile, auditor BDO LLP says they did not come across any evidence to indicate that quantities of phones billed and booked as sold by PT Selular Group remained kept in the warehouse.
    In addition, the auditor says it did not come across any incorrect provisions and write-offs other than the exceptions arising from the agreed upon audit procedures highlighted in their review.
    In its SGX filing, S i2i listed the specific actions the group has taken to correct the problems, tighten supervision and ensure they do not occur again in the future.
    This includes the creation of a new position of Head-Process Control to ensure that the above measures are appropriately designed and remain fully operational after their respective implementation.
    S i2i closed flat at 38.5 cents on Aug 21.

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    24 August 2015 Sembcorp Industries

    24 August 2015 Sembcorp Industries completes divestment of Zhumadian China Water Co SINGAPORE (Aug 24): Sembcorp Industriesís wholly owned subsidiary, China Water Company (Zhumadian), has completed the divestment of Zhumadian China Water Co to Beijing Enfei Environmental Protection co for RMB 90 million ($20 million).
    Zhumadian China Water Co runs a municipal water facility in Henan, China and the sale consideration was based on the fair value of the asset. Following the divestment, Zhumadian China Water Co is no longer a part of the group.
    The transaction is not expected to have an impact on the EPS and NAV per share of the group for the fiscal year ending December 2015.
    Shares of Sembcorp Industries closed 1.5% lower at $3.27 on Aug 21.

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    Capitaland Mall Trust 24 August 2015

    24 August 2015 5 Quick Things Investors Should Learn About Capitaland Mall Trust By Hui Leong Chin

    Capitaland Mall Trust
    (SGX: C38U) belongs to a group of cool stocks in Singapore that shares webcasts and/or transcripts of their quarterly earnings presentations (the link for Capitaland Mall Trust is here).


    Capitaland Mall Trust is a real estate investment trust or REIT. Being an owner of a REITís units gives you partial ownership to all the real estate that it owns. In Capitaland Mall Trustís case, it owns stakes in popular spots such as Raffles City, Plaza Singapura, Bugis Junction, and more.


    You can read more about Capitaland Mall Trust in here.


    Fashionable results?


    Below are five useful things I learned from listening to a webcast of Capitaland Mall Trustís fiscal second-quarter earnings:


    Wilson Tan, the chief executive of Capitaland Mall Trustís manager, said that the REITís joint ventures Ė namely that of Raffles City and Westgate Ė both did well for the first-half of 2015. Net property income (NPI) for its joint ventures were up 6.7% yearĖon-year which was favorable compared to the REITís overall NPI decrease of 0.5% year-on-year.


    For Clarke Quay, Zouk, a popular night club brand in Singapore, will be taking up 31,000 square feet of the available 57,000 square feet of space thatís vacated by Lifebranz. Tan was optimistic of this move as it provides tenant diversity compared to the previous arrangement.


    The decision to rebrand JCube towards the younger crowd was in part due to the existence of a cinema and ice-skating rink at the mall. Tan said that internal analytics showed that the two features tended to draw a younger crowd and Capitaland Mall Trust looked to fit new tenants in the mall around this.


    Tan also took time to stress on what Capitaland Mall Trust stood for: An entity that can deliver a sustainable distribution per unit (DPU) over long periods of time. He cited the REITís decision to secure debt which stretches out up till 2027 as part of managementís efforts to take care of both the portfolio and the financing required to deliver a consistent DPU.


    Tan also explained how the management fee for Capitaland Mall Trust was structured. The REIT Managerís fee structure, which has existed since 2002, consisted of a 0.25% base fee on deposited property value and a performance fee of 2.85% of gross revenue. Tan was happy with the revised regulatory proposal by the Monetary Authority of Singapore as it avoided intervening on the management fee structure; he felt that measures such as NPI-based fees could lead to REITs gaming the system.





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    Foolish takeaway

    To buy and hold a REITís units or a companyís shares for the long term also means keeping up with developments in the entity.


    The access to management teams via webcast and transcripts gives the Foolish investor a fair chance to judge for themselves whether they would like to be invested alongside those teams. It also helps us put together a more complete thesis around an investment and keep up with developments in its industry.

 

 

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