CapitaMalls Asia Ltd registered profit after tax and minority
interests (PATMI) of S$68 million for 3Q2010 (ending September
2010), 14 per cent higher than the S$59.6 million for the
corresponding period last year. Revenue under management
was S$325.6 million for the third quarter, 5 per cent higher
than the S$309 million last year.
Earnings before interest and tax (EBIT) came in at S$77.1
million for 3Q2010.
For the first nine months this year, the Group earned Net
Property Income of S$230.2 million, up 27 per cent from the
S$181.3 million registered in 2009. This was supported by
higher gross turnover and shopper traffic across the entire
portfolio of malls.
The Group said the successful listing of CapitaMalls Malaysia
Trust in July has enabled it to recycle its capital in the three
shopping malls in Malaysia for new investments, while creating
a fee income business in the country and a listed vehicle
for holding mature and stabilised assets.
This augurs well for CapitaMalls Asia to further grow its
business in Malaysia, the Group said.
CapitaMalls Asia Ltd closed on Thursday at S$2.140.
SURVEY
Friday, October 29, 2010
Wednesday, October 27, 2010
SUNTEC REIT OUTPERFORM
EARNINGS AT A GLANCE
Q3 Gross Revenue: +2% to S$62.2 mln
Income for Distribution: -3% to S$46.2 mln
DPU: -14% to 2.502 cents
EARNINGS COMMENTARY
Suntec REIT’s manager says the increase in gross revenue was mainly due to the higher office revenue achieved during the quarter. Its gross office revenue was S$30 mln, which was 5% higher year-on-year. This was mainly due to higher rental income achieved for Suntec City office. Suntec City office contributed about S$27.8 mln in revenue whilst Park Mall office contributed S$2.2 mln in revenue for the quarter.
OUTLOOK
The trust manager says the pickup in confidence seen in Singapore’s business climate is expected to buoy a favourable outlook for the office market for the rest of the year.
~INVESTOR CENTRAL’S TAKE~
Suntec REIT’s current ratios (by Reuters):
P/E: -
P/B: 0.87
Free cashflow for FY2009: S$26.4 mln
REUTERS CONSENSUS FORECAST
Analysts surveyed by Reuters have on average an OUTPERFORM call on the stock. It was last traded at S$1.56.
Q3 Gross Revenue: +2% to S$62.2 mln
Income for Distribution: -3% to S$46.2 mln
DPU: -14% to 2.502 cents
EARNINGS COMMENTARY
Suntec REIT’s manager says the increase in gross revenue was mainly due to the higher office revenue achieved during the quarter. Its gross office revenue was S$30 mln, which was 5% higher year-on-year. This was mainly due to higher rental income achieved for Suntec City office. Suntec City office contributed about S$27.8 mln in revenue whilst Park Mall office contributed S$2.2 mln in revenue for the quarter.
OUTLOOK
The trust manager says the pickup in confidence seen in Singapore’s business climate is expected to buoy a favourable outlook for the office market for the rest of the year.
~INVESTOR CENTRAL’S TAKE~
Suntec REIT’s current ratios (by Reuters):
P/E: -
P/B: 0.87
Free cashflow for FY2009: S$26.4 mln
REUTERS CONSENSUS FORECAST
Analysts surveyed by Reuters have on average an OUTPERFORM call on the stock. It was last traded at S$1.56.
Saturday, October 23, 2010
ION Fashion Concert! 2010
Time 23 October · 19:00 - 21:00
--------------------------------------------------------------------------------
Location ION Orchard (Outdoor area)
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Created by: ION Orchard
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More info Fashion and music come together as the latest runway looks blaze the catwalk, alongside music's hottest act - international star Van Ness Wu, at one of the largest open-air and free concerts along Orchard Road.
The first 50 American Express Cardholders who flash their card from 7pm onwards at the reception will gain entry to the VIP area!
--------------------------------------------------------------------------------
Location ION Orchard (Outdoor area)
--------------------------------------------------------------------------------
Created by: ION Orchard
--------------------------------------------------------------------------------
More info Fashion and music come together as the latest runway looks blaze the catwalk, alongside music's hottest act - international star Van Ness Wu, at one of the largest open-air and free concerts along Orchard Road.
The first 50 American Express Cardholders who flash their card from 7pm onwards at the reception will gain entry to the VIP area!
Friday, October 22, 2010
INVEST Insight Seminar
Learn how you can position yourself with the relevant expertise and knowledge on the various investment tools - such as Stocks, Contracts for Difference (CFD), Wine Investment and Land Investment - so that you can build your portfolio as we move into a new year.
Join us and find out for yourselves how all these investment tools are relevant to you, regardless of your trading experience and exposure to date.
Date : 23 October 2010 (Saturday)
Time : 9.00am – 1.00pm
(Registration Starts at 8.30am)
Venue : Singapore Conference Hall,
7 Shenton Way,
Singapore (068810)
Join us and find out for yourselves how all these investment tools are relevant to you, regardless of your trading experience and exposure to date.
Date : 23 October 2010 (Saturday)
Time : 9.00am – 1.00pm
(Registration Starts at 8.30am)
Venue : Singapore Conference Hall,
7 Shenton Way,
Singapore (068810)
Tuesday, October 19, 2010
Global Logistic Properties’ IPO 11 Times Oversubscribed
Global Logistic Properties Limited (GLP), a market leader in
modern logistics facilities in China and Japan, announced that
its Initial Public Offering (IPO) for 13.02 million shares was 11
times oversubscribed, resulting in S$2.2 billion worth of application
monies for the Group.
The Group’s international placement tranche of
1,070,869,000 Offering Shares, being approximately 12 times
oversubscribed, also drew strong interest from institutional
investors.
Both the Group’s international placement and public offer
shares were priced at S$1.96 per share, and with the total
offering being about 12 times oversubscribed, gross proceeds
raised from the Global Offering amounted to S$3.9 billion
should the Over-allotment Option be fully exercised.
GLP attracted 10 cornerstone investors who had subscribed
for an aggregate of 588,976,000 shares, including Bosera
Asset Management Co Ltd, ING Clarion Real Estate Securities,
US investment management firm LLC, Lion Global Investors
Limited, CB Richard Ellis Global Real Estate Securities,
Alibaba Group Treasury Limited, Chow Tai Fook Nominee
Limited, and Jovina Investments Limited.
The total number of issued and outstanding shares immediately
after the IPO would be 4,506,689,664 shares. At the
price of S$1.96 per share, the Group would be worth S$8.8
billion, placing it among the top 30 largest companies listed on
the SGX-ST.
GLP’s shares commenced trading at 9.00 am on 18 October 2010.
Global Logistics Properties Limited closed on
Monday at S$2.170.
modern logistics facilities in China and Japan, announced that
its Initial Public Offering (IPO) for 13.02 million shares was 11
times oversubscribed, resulting in S$2.2 billion worth of application
monies for the Group.
The Group’s international placement tranche of
1,070,869,000 Offering Shares, being approximately 12 times
oversubscribed, also drew strong interest from institutional
investors.
Both the Group’s international placement and public offer
shares were priced at S$1.96 per share, and with the total
offering being about 12 times oversubscribed, gross proceeds
raised from the Global Offering amounted to S$3.9 billion
should the Over-allotment Option be fully exercised.
GLP attracted 10 cornerstone investors who had subscribed
for an aggregate of 588,976,000 shares, including Bosera
Asset Management Co Ltd, ING Clarion Real Estate Securities,
US investment management firm LLC, Lion Global Investors
Limited, CB Richard Ellis Global Real Estate Securities,
Alibaba Group Treasury Limited, Chow Tai Fook Nominee
Limited, and Jovina Investments Limited.
The total number of issued and outstanding shares immediately
after the IPO would be 4,506,689,664 shares. At the
price of S$1.96 per share, the Group would be worth S$8.8
billion, placing it among the top 30 largest companies listed on
the SGX-ST.
GLP’s shares commenced trading at 9.00 am on 18 October 2010.
Global Logistics Properties Limited closed on
Monday at S$2.170.
Friday, October 15, 2010
Saturday, October 09, 2010
Wilmar Undertakes Two Loan Facilities
Commodities trader Wilmar International announced that it
has inked a mandate letter to launch two syndicated loan
facilities.
The first syndicated loan is a term loan facility worth US$1.1
billion (about S$1.4 billion) to finance the acquisition of
Australia’s largest refined sugar exporter, Sucrogen.
The Group also syndicated a revolving credit facility worth
A$600 million (about S$769 million) to finance the general
corporate and working capital requirements of Sucrogen.
Australia and New Zealand Banking Group and The Hongkong
and Shanghai Banking Corporation have been
appointed the mandated lead arrangers, bookrunners and
underwriters for the facilities. Rabobank International’s Singapore
branch has also agreed to participate in the facilities in a
senior position.
has inked a mandate letter to launch two syndicated loan
facilities.
The first syndicated loan is a term loan facility worth US$1.1
billion (about S$1.4 billion) to finance the acquisition of
Australia’s largest refined sugar exporter, Sucrogen.
The Group also syndicated a revolving credit facility worth
A$600 million (about S$769 million) to finance the general
corporate and working capital requirements of Sucrogen.
Australia and New Zealand Banking Group and The Hongkong
and Shanghai Banking Corporation have been
appointed the mandated lead arrangers, bookrunners and
underwriters for the facilities. Rabobank International’s Singapore
branch has also agreed to participate in the facilities in a
senior position.
Friday, October 08, 2010
SMART Investment & International Property Expo 2010
The SMART Investment and International Property Expo will be held at Suntec Singapore International Exhibition & Convention Centre this weekend on 9 and 10th October 2010 from 11am to 8pm.
Other than the exhibition booths, there will also be a lineup of speakers giving presentations on different topics from property investment to stock/forex trading.
Some of the speakers include Mohamed Ismail Gafoore (CEO of Propnex), Raymond Chow (CEO of Ray International Real Estate Group) and Sean Niven (CEO of Australian Property Group).
Other than the exhibition booths, there will also be a lineup of speakers giving presentations on different topics from property investment to stock/forex trading.
Some of the speakers include Mohamed Ismail Gafoore (CEO of Propnex), Raymond Chow (CEO of Ray International Real Estate Group) and Sean Niven (CEO of Australian Property Group).
Wednesday, October 06, 2010
Wilmar to Acquire Windsor & Brook Trading
Wilmar International Limited’s (the “Company”) wholly-owned
subsidiary, Wilmar Trading Pte Ltd, has entered into a sale
and purchase agreement to acquire the business of a Singapore
sugar trading company, Windsor & Brook Trading Pte
Ltd.
This acquisition is in line with Wilmar International Limited’s
plans to expand into the sugar business, the Company said.
The Company expects the transaction to be completed later in
the fourth quarter of this year, subject to certain customary
conditions.
To be funded through internal sources of funds and bank
borrowings, the acquisition is not expected to have a significant
impact on the Company’s financial position.
subsidiary, Wilmar Trading Pte Ltd, has entered into a sale
and purchase agreement to acquire the business of a Singapore
sugar trading company, Windsor & Brook Trading Pte
Ltd.
This acquisition is in line with Wilmar International Limited’s
plans to expand into the sugar business, the Company said.
The Company expects the transaction to be completed later in
the fourth quarter of this year, subject to certain customary
conditions.
To be funded through internal sources of funds and bank
borrowings, the acquisition is not expected to have a significant
impact on the Company’s financial position.
Tuesday, October 05, 2010
Kuwait Commits US$1 billion to AIA IPO
American International Group Inc received a US$1.0 billion
commitment from Kuwait Investment Authority for the IPO of
its Asian unit, the first major investment inked before the mega
offering's roughly US$15.0 billion launch.
KIA, the country's sovereign wealth fund, is among the major
global institutions that have signed up as cornerstone investors
ahead of AIA Group Ltd's IPO, according to a source on
Monday. The source had direct knowledge of the matter but
was not authorised to speak publicly as the deal has yet to
launch.
AIA's IPO is set to start on Tuesday, with shares expected to
start trading on October 29. AIA IPO is likely to be world's
second-largest this year after Agricultural Bank of China Ltd),
which raised US$21.9 billion in Hong Kong and Shanghai in
July.
The planned listing comes after a takeover attempt by British
insurer Prudential Plc collapsed in May over price disagreements.
The key question for AIG is whether the public markets will
give it the US$35.5 billion valuation originally offered by
Prudential. Prudential later dropped the offer to US$30.4
billion just before the bid failed.
"Considering that some of the Chinese insurers are trading
more than 2 times embedded value, I think AIA can get overall
value north of US$30 billion," said Sally Yim, vice president at
Moody's Investors Service in Hong Kong and senior analyst
who covers Asia-Pacific's insurance industry.
Prudential's initial US$35.5 billion bid for AIA was pitched at
1.67 price to embedded value. Embedded value is a measure
commonly used to gauge the value of insurance companies
that includes the present value of future profits from long-term
insurance contracts.
The FT was the first to report KIA's commitment. The paper
also said that the only way KIA agreed to the investment was
because AIG "was forced" to lower its valuation to US$30-$32
billion from US$35-$37 billion.
Research reports have put the valuation range of the offering
from US$29.5 billion to US$38.6 billion, which gives an
embedded value range of 1.1 times EV to 1.7 times.
Ultimately, the valuation is determined by the company and its
underwriters, who gauge the specific embedded value figure
that mutual fund investors are comfortable with.
A valuation that's too high raises the most money but risks an
opening day flop. Too low, and the banks are blamed for not
raising enough.
"AIA is operating in some of the more mature markets like
Singapore and Hong Kong. They have a little bit of a 'China
story', but not as much as the Chinese pure plays," Yim said.
commitment from Kuwait Investment Authority for the IPO of
its Asian unit, the first major investment inked before the mega
offering's roughly US$15.0 billion launch.
KIA, the country's sovereign wealth fund, is among the major
global institutions that have signed up as cornerstone investors
ahead of AIA Group Ltd's IPO, according to a source on
Monday. The source had direct knowledge of the matter but
was not authorised to speak publicly as the deal has yet to
launch.
AIA's IPO is set to start on Tuesday, with shares expected to
start trading on October 29. AIA IPO is likely to be world's
second-largest this year after Agricultural Bank of China Ltd),
which raised US$21.9 billion in Hong Kong and Shanghai in
July.
The planned listing comes after a takeover attempt by British
insurer Prudential Plc collapsed in May over price disagreements.
The key question for AIG is whether the public markets will
give it the US$35.5 billion valuation originally offered by
Prudential. Prudential later dropped the offer to US$30.4
billion just before the bid failed.
"Considering that some of the Chinese insurers are trading
more than 2 times embedded value, I think AIA can get overall
value north of US$30 billion," said Sally Yim, vice president at
Moody's Investors Service in Hong Kong and senior analyst
who covers Asia-Pacific's insurance industry.
Prudential's initial US$35.5 billion bid for AIA was pitched at
1.67 price to embedded value. Embedded value is a measure
commonly used to gauge the value of insurance companies
that includes the present value of future profits from long-term
insurance contracts.
The FT was the first to report KIA's commitment. The paper
also said that the only way KIA agreed to the investment was
because AIG "was forced" to lower its valuation to US$30-$32
billion from US$35-$37 billion.
Research reports have put the valuation range of the offering
from US$29.5 billion to US$38.6 billion, which gives an
embedded value range of 1.1 times EV to 1.7 times.
Ultimately, the valuation is determined by the company and its
underwriters, who gauge the specific embedded value figure
that mutual fund investors are comfortable with.
A valuation that's too high raises the most money but risks an
opening day flop. Too low, and the banks are blamed for not
raising enough.
"AIA is operating in some of the more mature markets like
Singapore and Hong Kong. They have a little bit of a 'China
story', but not as much as the Chinese pure plays," Yim said.
Friday, October 01, 2010
HANGENG FANSIGNING IN SINGAPORE
Date: 2nd October 2010, Saturday
Venue: Lot1 Shopping Mall, Level 5, Roof Garden
Time: 4PM
Please don't forget to bring along your copy of Hangeng's album <<庚心>>!!
Venue: Lot1 Shopping Mall, Level 5, Roof Garden
Time: 4PM
Please don't forget to bring along your copy of Hangeng's album <<庚心>>!!
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