Morningstar - CapitaLand Limited (C31) Restrictive Measures on Residential Properties in Singapore Slightly Relaxed

Report

Morningstar

Michael Wu

EUR 98.48 For Business Accounts Only

Restrictive Measures on Residential Properties in Singapore Slightly Relaxed

In a surprising move, the Singapore government and regulator Monetary Authority of Singapore jointly announced adjustments to the restrictive measures on residential properties by reducing the Seller's Stamp Duties, or SSD, and relaxing the Total Debt Servicing Ratio, or TDSR. The changes are effective March 11, 2017. We see this announcement as a positive signal that the authorities are proactive in easing restrictive measures in a weak residential property market. However, the measures should ...

10/03/2017 13 EN

Underlying

CapitaLand Limited

CapitaLand is a real estate company based in Singapore. Co. is engaged in real estate development, investment in real estate, financial products and real estate assets, investment advisory and management services as well as management of serviced residences. Co.'s real estate portfolio includes integrated developments, shopping malls, serviced residences, offices and homes. Co.'s two core markets are Singapore and China. Co. maintains a real estate fund management businesses with assets located in Asia. Co.'s listed real estate investment trusts are: Ascott Residence Trust, CapitaLand Commercial Trust, CapitaLand Mall Trust, CapitaLand Retail China Trust and CapitaMalls Malaysia Trust.

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SG1J27887962 Singapore Exchange Singapore

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Michael Wu

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Aequitas Research

CICT Placement

CapitaLand Integrated Commercial Trust (CICT) aims to raise around US$150m to partly fund the recently announced acquisition of two Australian assets. Although, at the time of the acquisition the company had stated that it aims to finance the acquisition using debt and divestment proceeds. In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

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UOB

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From 1 Sep 21, Sea Limited’s weighting within the MSCI Singapore index will increase from 2.5% to 11.0% which we believe will see more ETF-related buying of the stock. The unfortunate ramification is that funds will sell out of the largest constituents which include DBS, OCBC, UOB, and Singtel. We also highlight that Yangzijiang’s share price strength (+68% ytd) may potentially see its re-inclusion in the near to medium term.

August 30, 2021 August 30, 2021 1 EN

UOB

Singapore Daily - Monday, August 30, 2021

KEY HIGHLIGHTS Strategy Imminent Changes To MSCI Singapore Weightings: The potential inclusion of Sea Limited into the MSCI Singapore index, among others, will negatively impact a number of key Singapore stocks. TRADERS’ CORNER Riverstone Holdings (RSTON SP): Trading Buy Frencken Group (FRKN SP): Trading Buy

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Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Contract manufacturer Lonza reported solid half-year results, with over CHF 2.9 billion in total sales year to date, up about 6.4% from last year and boosted by foreign exchange tailwinds. Core EBITDA margin expanded 30 basis points from last year to about 27.8%, helped slightly by new accounting standards. Management indicated that it continues to expect mid- to high-single-digit sales growth in 2019. We are maintaining our fair value estimate of CHF 210 per share and our no-moat rating. The ph...

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Joe Gemino

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Sasol Provides Full-Year Production Update

No-moat Sasol provided an update on its full-year fiscal 2019 production metrics that included relatively stable liquids production. For the full year ended June 30, Sasol produced 1,470 thousand barrels of crude oil and condensate a day compared with 1,469 mboe/d in the year-ago period. However, declines continued with the companyâ€™s natural gas production, down 4% to 130.3 billion cubic feet compared with the period ended June 30, 2018. Sasol also reported flat refined products of 31.4 mmboe/d ...

EUR 100.00

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Joe Gemino

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Restrictive Measures on Residential Properties in Singapore Slightly Relaxed

CICT Placement

Strategy - Imminent changes to MSCI Singapore weightings

Singapore Daily - Monday, August 30, 2021

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Sasol Provides Full-Year Production Update

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