Morningstar - CapitaLand Limited (C31) Government Acts Decisively on Tightening Measures; Value Emerges in Singapore Real Estate Developers

Report

Morningstar

Michael Wu

Government Acts Decisively on Tightening Measures; Value Emerges in Singapore Real Estate Developers

With residential property prices in Singapore appreciating strongly over the past year, the government has acted decisively in lifting the additional buyer's stamp duty, or ABSD, rates and loan/value, or LTV, limits on residential property. Shares in the real estate sector reacted sharply lower to the unexpected announcement and we believe the market is over-reacting. While the cooling measures will dent short-term sentiment, resulting in a lower level of residential property transactions and pr...

06/07/2018 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

Other Reports on these Companies

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

Strategy - Imminent changes to MSCI Singapore weightings

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

August 30, 2021 August 30, 2021 1 EN

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

Joe Gemino

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 ...

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Damien Conover

Damien Conover

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

We don't expect any major changes to our AstraZeneca fair value estimate following second-quarter results that largely fell in line with our expectations and slightly ahead of consensus expectations. Overall, the company is posting leading Big Pharma sales growth with total sales up 18% operationally year over year, led by impressive cancer drug sales growth of 57%. Astra's ability to continue to bring next generation drugs to the market that address unmet medical need (especially in oncology) s...

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Government Acts Decisively on Tightening Measures; Value Emerges in Singapore Real Estate Developers

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

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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