PRO • Thu, Sep. 18
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CapitaLand Remains Undervalued Amidst Challenging Property Markets
- Reacquiring CMA gives CapitaLand more control over a valuable collection of assets that can anchor future integrated/mixed developments.
- The housing markets of Singapore and China are in rough shape, but CapitaLand's asset exposure is under control and the retail properties are doing pretty well.
- CapitaLand still trades at what seems to be an excessive discount to underlying net asset value, with a long-term ROE of 9% supporting a price more than 20% higher.
- Investors have dumped CapitaLand as double-digit residential property price declines loom in Singapore.
- CapitaLand's majority-owned mall developer CapitaMalls Asia continues to see strong operating results.
- For long-term investors willing to make a contrarian move, CapitaLand's property development efforts in Singapore and China could unlock significant long-term value.
- CapitaLand provides an efficient means of deploying capital into hard-to-access, less-developed real estate markets - including Malaysia, India, Indonesia, Philippines, Thailand, and Vietnam.
- The stock is trading at an attractive discount, both to book value as well as to tangible book value.
- CapitaLand represents a compelling value play on the Asian real estate via a mature, diversified, large-capitalization stock.
The Top 15 Singapore Stocks by Market CapitalizationDavid Hunkar • Dec. 28, 2009
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