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OCBC UOB KAYHIAN

Capitaland

When one becomes two

 

• Proposed restructuring with new listco to hold its investment management platforms and lodging business

• Generally positive on proposed restructuring

• Implied consideration of SGD4.102 per share; premium of 23.9% to closing price prior to announcement Investment thesis CapitaLand’s competitive advantage is its significant asset base and extensive market network, which has been further boosted following the completion of the Ascendas-Singbridge merger. CapitaLand now has a core focus on Singapore, China, India and Vietnam. Coupled with extensive design, development and operational capabilities, CapitaLand develops and manages high-quality real estate products and services. It also has one of the largest investment management businesses in Asia with a total of six REITs and business trusts listed in Singapore and Malaysia. The Group has grown its real estate AUM to SGD132.5b, as at 31 Dec 2020. Although the Covid-19 pandemic has impacted CapitaLand’s operations, we believe its strong balance sheet and diversified portfolio puts it in a better position to drive a recovery ahead, while capital recycling activities are also expected to resume in a more meaningful way.

 

 

Plantation – Regional

 

Indian Palm Oil Imports To Increase By 12% yoy

In our latest online seminar, the CEO of Emami Agrotech, Sudhakar Desai, highlighted that he expected Indian edible oil imports to remain flat in 2020/21 with: a) higher domestic edible oil production, and b) higher edible oil prices killing demand. Having said that, Indian palm oil imports are expected to increase by 12% yoy mainly due to the shift from sunflower oil where the price has increased more than CPO prices. Maintain MARKET WEIGHT.

PHILLIP SECURITIES

CGS CIMB

Ascendas REIT

Expanding European footprint

 

SINGAPORE | REAL ESTATE (REIT) | UPDATE

 S$960mn acquisition of 11 European data centres came four months earlier than anticipated, though below our S$1.5bn projection.

 Initial NPI yield of 6%, WALE of 4.6 years by GRI, portfolio occupancy of 97.9%. 58%/42% on triple net/colocation lease structures. 83% of leases have annual rental escalations of 1-3%.

 Acquisition deploys remaining 52.1% or S$612.5mn from S$1.2bn raised in November 2020, earmarked for this acquisition.

 Reiterate BUY. DDM TP (COE 6%) lowered from S$3.73 to S$3.64. We raise FY21e DPU by 0.3% to reflect sooner-than-expected acquisition but lower FY22-25e DPUs by 2.2-2.7% due to the smaller-than-projected portfolio size. AREIT remains our top pick in the sector for its scale and diversification.

 

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CapitaLand

Restructuring for faster growth

 

■ CAPL proposes to consolidate investment management and lodging platforms and to privatise real estate development business.

■ Creating a leading global real estate investment manager and unlocking value through implied consideration.

■ Reiterate Add with a higher TP of S$4.04.

 

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