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  Bookmark this page   Wednesday, 01 Jul 2015
 
Today's Headlines
CapitaLand Limited: Moving ahead with Danga Bay acquisition

CapitaLand (CAPL) reported that the conditions precedent to acquire Danga Bay A2 Island in Iskandar, Johor Malaysia, has been fulfilled. CAPL is expected to take a 51.0% stake in the project, alongside Malaysia’s Iskandar Waterfront Holdings (40.0%) and Temasek (9.0%), and the group has reiterated that this is a long term project that will be executed in phases over the next 10 to 12 years according to market conditions. We have an overall neutral view on this acquisition; while near term headwinds will likely prevail given the current over-supply situation and slow sales in Iskandar, this acquisition will give CAPL a meaningful foothold in the Iskandar region over the long term and has fairly limited impact on the group’s balance sheet (<2% of the group’s equity). Maintain BUY with an unchanged fair value estimate of S$4.07 (25% discount to RNAV).

 
  Market Pulse
Market Pulse: CapitaLand, SIAEC (29 Jun 2015)
Market Pulse: SATS, SMRT (26 Jun 2015)
Market Pulse: Noble Group, ART, CapitaLand, A-REIT, OSIM (25 Jun 2015)
Market Pulse: SCI, SATS Ltd (24 Jun 2015)
Market Pulse: CapitaLand Limited (23 Jun 2015)
Market Pulse: Healthcare Sector (22 Jun 2015)
Market Pulse: CSE Global (19 Jun 2015)
Market Pulse: Astro Malaysia (18 Jun 2015)
Market Pulse: Golden Agri-Resources (17 Jun 2015)
Market Pulse: Mapletree Greater China, Midas, Telecom Sector (16 Jun 2015)
  Research
CapitaLand Limited: Moving ahead with Danga Bay acquisition
CapitaLand (CAPL) reported that the conditions precedent to acquire Danga Bay A2 Island in Iskandar, Johor Malaysia, has been fulfilled. CAPL is e ...
SATS Ltd: Growth remains modest after contract win
SATS Ltd (SATS) recently announced that its 59.4%-owned Japanese subsidiary, TFK Corporation (TFK), won a multi-year inflight catering contract fr ...
Noble Group Ltd: Made more share buybacks
Noble Group (Noble) continues to buy back its own shares – the latest was a chunk of 14m shares at S$0.69445 each; it has bought back some 119.7m ...
Sembcorp Industries: Upgrade after price correction
Since our downgrade to Hold in early May, SCI’s stock price has corrected ~14% to settle near its 52-week low of S$3.87, likely due to 1) more dow ...
CapitaLand Limited: Acquires retail mall in Japan
CapitaLand recently announced that it has agreed to wholly acquire a shopping mall in Japan for JPY3.05b (S$33.2m) in cash. The price reflects fai ...
Healthcare Sector: Valuations running high
While our local bourse has been rather lacklustre, the healthcare sector has been largely rewarding as the FTSE ST Health Care Index (FSTHC) has d ...
 
 Strategy
Healthcare Sector: Valuations running high
While our local bourse has been rather lacklustre, the healthcare sector has been largely rewarding as the FTSE ST Health Care Index (FSTHC) has d ...
Aviation Sector: Yet another blow to airliners
Middle East Respiratory Syndrome (MERS), which is caused by a coronavirus from the same family as SARS, and first identified in 2012, is threateni ...
Telecom Sector: Mostly decent start to 2015
Relatively decent start to 2015, with both M1 and Singtel posting earnings that were within forecast; StarHub missed due to margin erosion. Still, ...
Consumer Sector: Tough 1Q for plays with EM exposure
The consumer sector has been relatively unexciting, with both consumer indices FTSE Consumer Goods (FSTCG) and FTSE Consumer Services (FSTCS) show ...
Aviation & Shipping Sectors: Choppy waters, turbulent flights
Weak performances persisted into 1QCY15 for most of the companies within the aviation and shipping sectors. Large hedging losses continued to erod ...
Oil and Gas: Still on the defensive mode
Many oil and gas stocks saw a rally in early Apr as oil prices were supported by geopolitical tensions in the Middle East, and investors also took ...
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