SEE:CapitaLand incurs FY2020 losses of $1.57 bil, to pay dividend of 9 cents
In China, the company has remaining sales of RMB10.5 billion as at Dec 31, 2020 to be settled from 1QFY2021 onwards. In Vietnam, the company sold $272 million worth of properties, of which 43% is expected to be recognised in FY2021. On our shores, the residential portion of Liang Court redevelopment is likely to be launch-ready in 2HFY2021, it adds. “Residential continues to shine,” CGS-CIMB analyst Lock Mun Yee writes in a Feb 24 report. Likewise, PhillipCapital has maintained “buy” on CapitaLand with a lower target price of $3.75 from $3.82. The target price, says analyst Natalie Ong, is still based on a 20% discount to revalued net asset value (RNAV). To Ong, CapitaLand remains her top pick in the sector as “high recurring income and a pivot to New Economy assets are expected to keep earnings stable and future-proof its portfolio”. That said, she has lowered her EPS estimates for the FY2021 by 15% to 34 cents on lower rental income, as well as pushed by residential recognition.