Monthly Archives: April 2013

CapitaLand up after strong Q1 result

Posted on 29 Apr 2013 | Comments Off on CapitaLand up after strong Q1 result

CapitaLand shares rose for the fourth session in a row, to the highest in nearly two months, after the biggest property developer in Southeast Asia reported a 41% rise in first-quarter net profit.

CapitaLand shares jumped as much as 3.3% to $3.77, the highest since March 7. More than 13 million shares were traded, 1.1 times the average full-day volume over the past 30 days. It was the top traded stock by value in the Singapore market on Monday.

CapitaLand posted net profit of $188.2 million for the three months ended March, up 41.2% from a year earlier, lifted by strong home sales in Singapore and China as well as contribution from its shopping mall arm.

CapitaLand’s sharpened focus on Singapore and China is likely to underpin its growth, Maybank Kim Eng said, adding that the company is ramping up sales to meet homebuyers’ demand and it also has a healthy pipeline of projects.

The broker said with a net gearing of 0.44 times and $5.4 billion in cash, CapitaLand remains well-capitalised to capture growth opportunities. A possible sale of its stake in Australand Property Group could also return more capital, it said.

Maybank raised its target price on the stock to $4.33 from $4.30 and maintained its ‘buy’ rating.

Source : TheEdge – 29 Apr 2013

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Ascott Reit’s unitholders’ distribution up 14% to $27.6m

Posted on 29 Apr 2013 | Comments Off on Ascott Reit’s unitholders’ distribution up 14% to $27.6m

Ascott Residence Trust (Ascott Reit) posted a 14 percent increase in unitholders’ distribution in Q1 2013 to S$27.6 million compared to the same period last year, while distribution per unit climbed five percent to 2.25 cents.

“Ascott Reit has continued to deliver good returns to Unitholders despite the slower global economy due to the ongoing macroeconomic uncertainties,” said Lim Jit Poh, Chairman of the Reit’s manager.

The hike was the result of a realised exchange gain of S$8.1 million from the repayment of foreign currency bank loans using the placement proceeds.

Meanwhile, revenue dropped three percent to S$69.2 million due to the divestment of Somerset Grand Cairnhill Singapore and Somerset Gordon Heights Melbourne in 2012, and lower contribution from the Reit’s existing properties – mainly in Singapore and Japan.

Additionally, gross profit declined nine percent to S$33.8 million due mainly to lower revenue, higher staff costs and depreciation expense.

Source : PropertyGuru – 29 Apr 2013

 

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