辉立证券-新加坡-房地产行业（个股-嘉德置地集团）-办公室和接待部门的恢复

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1、Editor:VaughnLITel:(852)22776628Email:foreignstock@phillip.com.hkCapitaLandLimitedRecoveryinOfficeandHospitalitysegmentsSINGAPORE

2、REALESTATE

3、3Q17RESULTS13November2017ACCUMULATE(Maintained)ContinuedsalesmomentumforresidentialpropertiesattheGroup’skeymar

4、ketsSingapore,Vietnam.Chinalaunchestoremainslow.LASTCLOSEPRICESGD3.58FORECASTDIVSGD0.10OfficemarketsinSingaporeandChinashowsignsofimprovement.TARGETPRICESGD4.19RevPAUsforservicedresidencesseeingrecoveryinkeymarkets.TOTALRETURN19.8%Tenantsalesgrowthfo

5、rSingaporemalls(40%oftotalmallportfolio)remainsmuted.MaintainAccumulatewithunchangedTPofS$4.19.COMPANYDATABLOOMBERGCODECAPLSGResultsataglanceO/SSHARES(MN):4,247(SGDmn)/DecYrDec3Q173Q16YoY(%)CommentsMARKETCAP(USDmn/SGDmn):11175/15205GrossRevenue1,507.21

6、,373.79.7HighercontributionfromdevelopmentprojectsinSingapore,52-WKHI/LO(SGD):3.88/2.96newmallsandservicedresidencesandconsolidationofrevenue3MAverageDailyT/O(mn):9.68fromCMT,CRCT,RCSTGrossProfit506.8423.319.7HighergrossmarginsfromrentalrevenueMAJORSHAR

7、EHOLDERS(%)EBIT793.5494.460.5Higherre-measurementgainsofS$132.6mn(3Q16:-4.3mn)TEMASEKHOLDINGS40.0%fromconsolidationofCMTandCRCT,anddivestmentsinSingapore/ChinaBLACKROCK6.0%TotalPATMI317.0247.528.1VANGUARDGRP2.10%OperatingPATMI204.50251.80(18.8)Lowerhand

8、overofresidentialprojectsinChinaSource:Company,PSRPRICEPERFORMANCE(%)1MTH3MTH1YRThePositivesCOMPANY(2.5)(3.0)19.4+ContinuedsalesmomentumforresidentialpropertiesattheGroup’skeymarketsSTIRETURN4.13.624.8SingaporeandVietnam.Chinalaunchestoremainslow.S$373m

9、nworthofSGresidentialunitswassoldinthequarter,down29%YoY.ButthisismainlyduetolimitedremainingPRICEVS.STIinventoryavailableforsale(Remainingasat9M17:c.S$627mn).Nonethelessexpect4.00growthfromSingaporesegmenttotaperwithdwindlinginventory.Vietnamsalesremai

10、nbuoyantand90%oflaunchedunitsinChinahavebeensoldasat30Sept2017.China3.50launches(3Q17down21%YoY)couldremainmutedwithcoolingmeasuresongoing.3.00+OfficemarketsinSingaporeandChinashowsignsofimprovement.Withtheexception2.50ofthe2Raff