Category Archives: Developers

CapitaLand lists retail business

Posted on 5 Oct 2009 | Comments Off on CapitaLand lists retail business

CAPITALAND Retail Limited, owned by Southeast Asia’s largest developer CapitaLand, has won approval from the Singapore Exchange to list its shares on the stock market, its parent company said on Monday.

CapitaLand Retail Limited will be renamed CapitaMalls Asia Limited.

‘In conjunction with the proposed listing of CapitaMalls Asia, CapitaLand is considering a public offering of part of its shareholding interest in CapitaMalls Asia,’ CapitaLand said in a statement.

PROPERTY developer CapitaLand unveiled ambitious plans on Monday to list its retail arm, reflecting its confidence in Asia’s growing shopping mall business.

The firm said at a briefing it has won approval from the Singapore Exchange (SGX) to list the shares of CapitaLand Retail, which will now be renamed CapitalMalls Asia (CMA). The decision to hive off its retail arm will allow the group to accelerate the growth of its integrated shopping mall business, which will have direct access to capital markets to expand, said chief executive officer Liew Mun Leong. Continue reading →

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Analysts need to get real

Posted on 5 Oct 2009 | Comments Off on Analysts need to get real

EARLIER this year, several research houses issued reports on listed premium property developer SC Global, warning that the company faced ’severe solvency risks’.

One house, in March, downgraded SC Global’s price target to 30 cents. Another, in May, slapped SC Global with a target price of 28 cents, citing potentially huge write-downs amid an impending depression. Just months earlier, that analyst had a price target of $3.80 on the stock.

A third research house, in October 2008, wrote down 70 per cent of SC Global’s value to arrive at a target price of 38 cents. Just two months earlier, the very same research house had SC Global’s stock price target at $1.25, down from $1.60 a few months earlier.

Today, all three brokerages have target prices ranging from $1.63 to $1.95 per share. And further re-ratings could be in the works.

The wild gyrations in forecasts are, to say the least, breath-taking. More surprising are the sudden and dramatic reversals in view of the last two months.

Part of this was due to the easing in credit markets. Also, property values have risen some 20 per cent from their bottom as demand recovered. And despite recent government measures to cool the mass market, prices remain steady. Continue reading →

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