CapitaLand

CapitaLand: Arthur Land will take over from Olivier Lim as the Group CFO from mid-Sep. Olivier Lim, who was Group CFO for 6yrs, will assume the position of Head of Strategic Corporate Devt (incl M&A). This could provide him with more operational experience required for the Group’s future leadership succession.
Arthur Lang has been with Morgan Stanley’s invmt banking division since 1996 and is the current Co-Head of IB in SE Asia at MS...

The transition is expected to be smooth, and unlikely to affect CapL’s fundamentals.
Nomura maintains Buy with TP $4.17, does not foresee any significant change in the way CapL manages its capital, at least in the near term...

CS maintains Outperform, but cuts TP to $3.82 from $4.33, revises down CapL’s RNAV to $4.77 from $4.81, due to lower CCT TP of $1.70 after its Market Street carpark redevelopment plans, lower Australand share price, and continued headwinds for its China assets (37% of total assets ex-cash)...

But notes CapL has underperformed even the purer China developers over the past 1-12mths, and is trading at 0.9x P/NTA and 0.6x RNAV, which is overly-pessimistic for its residential business (booked at cost), given most of its listed entities trade close to or above book values and its fee income business is not included in NTA.