CapitaLand: CapitaLand has entered into a new JV with Qatar Investment Authority (QIA) to set up a US$600m serviced residence fund, which will invest in serviced residences or rental housing properties with an initial focus on Asia-Pacific and Europe.
This new JV is part of CapitaLand’s drive to raise 5 to 6 new funds with total AUM of S$8-10bn by 2020. CapitaLand’s fund management platform currently managed a total AUM of S$43.5bn. As such, the new JV represents an increase of 18-23% in AUM over the next 5 years.
CapitaLand’s share price has pulled back 11.3% from a high of $3.79 in late Apr and is now trading at a discount of 36.5% to NAV of $5.29/share.
Latest broker views:
Nomura reiterates its BUY rating with TP: $4.49 with 3 potential catalysts over the next 12 months:
1) further asset monetization (in addition to the recent divestment of its 30% stake in PwC Building),
2) potential announcement of the redevelopment of Golden Shoe Car Park into a new office building and
3) higher dividends.
DB also maintains its BUY rating with TP: $4.20.
OCBC has maintained its BUY rating with TP: $4.07.
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