CAPITALAND LIMITED
C31.SI
CapitaLand - Ascott secures seven management contracts across Asia.
- CapitaLand's wholly owned subsidiary The Ascott Limited (Ascott) has added seven new serviced residences across Asia with 1,714units under its belt. The properties are located in Karawang in Indonesia; Putrajaya in Malaysia; Danang in Vietnam; Tokyo in Japan; and Changsha, Shanghai and Shaoxing in China. With this Ascott has secured more than 5,000units in 26 properties in 1H16.
- The move is in-line with CapitaLand's goal of managing 80,000 units globally by 2020. Currently Ascott operates 28,000 serviced residences globally and has 19,000 under development, making a total of 47,000 units in 290 properties.
- The move also highlights CapitaLand's abilities in quickly expanding regionally through its strategic partnerships. The impact to bottomline is expected to be minimal with 1% contributions to 2015 net profits.
- Maintain Neutral with a TP of SGD3.15.
Vijay Natarajan
RHB Research
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http://www.rhbinvest.com.sg/
2016-06-21
RHB Research
SGX Stock
Analyst Report
3.15
Same
3.15
