• Теги
    • избранные теги
    • Компании40
      • Показать ещё
      Страны / Регионы32
      • Показать ещё
      Разное9
      • Показать ещё
      Показатели1
      Формат1
      Издания1
CapitaLand
Выбор редакции
11 марта, 02:30

"The Retail Bubble Has Burst" - Summarizing The Dark 4Q Earnings Commentary Of Retail CEOs

Amazon's willingness to sell almost any product imaginable at a loss, combined with a massive bubble in retail real estate square footage courtesy of decades of low interest rates seems to finally be catching up with the traditional bricks-and-mortar retailers of America.  As evidence, Scott Krisiloff of Avondale Asset Management compiled the following sample of relatively downtrodden commentary from America's largest retail CEOs, all of who seem to be throwing in the towel on hopes of any near term upside for their industry: Everything is not awesome, in fact, it's kind of awful “Our industry is the midst of a seismic shift, and, of course, you read the headlines. In fact, many of you write the reports, we’re operating in an incredibly challenging environment. All across the retail industry, many of our competitors are aggressively rationalizing their assets. They are closing stores, exiting markets. They’re cutting costs just to keep their heads above water. We’ve not seen this number of distressed retailers since 2009 in the Great Recession.”   - Target CEO Brian Cornell Cheap debt created a massive retail real estate bubble that is now bursting right before our eyes “Retail square feet per capita in the United States is more than six times that of Europe or Japan. And this doesn’t count digital commerce. Our industry, not unlike the housing industry, saw too much square footage capacity added in the 90’s and early 2000’s. Thousands of new doors opened and rents soared; this created a bubble, and like housing, that bubble has now burst. We are seeing the results; doors shuttering and rents retreating. This trend will continue for the foreseeable future and may even accelerate.” —Urban Outfitters CEO Richard Hayne (Retail) Profitability "race to the bottom" is on as brick-and-mortar stores make "investments" (a.k.a. "slashes prices") to drive volume “We certainly view 2017 as a year of investment. In 2018, we’ll continue to transition as these different initiatives begin to mature. As we get into 2019 and beyond, we certainly expect stability and a return to growth…We’ve got to invest to grow. We’ve got to reimagine our stores. ” —Target CEO Brian Cornell (Retail)   “we plan to do what any good portfolio manager would. Invest resources in the most promising opportunities, diversify to lower risk, and increase liquidity…Our highest priority is where we’ve had the most recent success, digital” —Urban Outfitters CEO Richard Hayne (Retail) Inflation may not be as strong as advertised “Regarding deflation, overall, primarily in the US, we have seen deflation in the 1%, 1.5% range in February. Departments such as foods, sundries, frozen foods, liquor meat, dairy showed the most deflation on the foods and sundries side. On the non-food side consumer electronics continue to be deflationary, primarily in the TV category…The collective view is inflationary, or less deflationary, for the next few months and maybe a little inflationary, but it’s a crap shoot.” —Costco CFO Richard Galanti (Retail)   “we also have to acknowledge the ongoing challenges facing our industry. Our customers are facing a difficult retail environment due to deflation and increased competition. We view deflation as cyclical, inflation will come back at some point but while it’s here, it’s leading to some very real challenges for us and our retail customers.” —UNFI CEO Steven Spinner (Food Distributor) Retail real estate glut + Market share loss to online = Disaster for REITs “This would be fine if the increase in DTC sales were wholly additive, but they’re not. Digital shopping is partially replacing store shopping and thus is negatively impacting store traffic and store generated sales. Flat to negative store ‘comps’ are causing occupancy deleverage and eroding four-wall margins.” —Urban Outfitters CEO Richard Hayne (Retail) But, chin up because this is all 'good news' as retail shares will tank and create opportunities for those on wall street who survive “these inflection points come around every generation or so. And strong retailers endure, while others, well, they don’t. Pick your era defining change throughout history from downtown department stores to suburban malls, catalogs, e-commerce.” —Target CEO Brian Cornell (Retail) * * * Meanwhile, as we pointed out earlier this week, the biggest losers in this retail melt down will inevitably be the investors in America's massively levered REIT companies.  In fact, the latest note from one of the world's most vocal mega-bears, Horseman Capital's Russell Clark, perfectly summarized the slow-motion train wreck that is currently wreaking havoc on mall REITs in a note titled "Mall Rats": “Intriguingly we have started to see volumes of real estate transactions for shopping malls fall. This means that the number of transactions to buy or sell properties is beginning to decline. Last time this happened, rents began to fall a year later. His full note is below: MALL RATS Shopping mall REITS have been a fantastic investment over the years. Not only have they provided investors with large capital gains, they have also typically offered above market dividend yields. My interpretation of the REIT model is that the operator collects rents from a diverse number of retailers. This is then passed on to the end investors after costs and financing. The REIT manager reduces risk by diversifying the retailers paying rent, and by also spreading the risk geographically. If the REIT manager can acquire more real estate assets at a yield higher than what it needs to pay out as dividend yield, then the REIT can issue more shares and grow indefinitely. Mall REITs have generally done well, except during the financial crisis. However, it seems to me that North America could well have too many shopping malls. On a per capita basis, the US has twice the space of Australia and 5 times that in the UK. One source of REITs revenue growth comes from acquiring more malls. Intriguingly we have started to see volumes of real estate transactions for shopping malls fall. This means that the number of transactions to buy or sell properties is beginning to decline. Last time this happened, rents began to fall a year later. Perhaps it’s a sign that buyers believe rents have some downside risk? Many people in the market are aware of the problems that the large department stores in the US are currently facing, and their resultant plans to retrench. This affects two of the largest shopping mall REITs that have the department stores as tenants. The reality is that the shopping mall REITs charge extremely low rents to the department stores. The large shopping malls use the department stores to lure traffic, and then make their money from higher rents charged to speciality retailers. Often the per square foot rent of the specialty retailer can be 30 times or higher that paid by the anchor tenant. Looking at the top 2 shopping mall operators, they disclose their top rent payers. Recent share prices performance of 8 shared tenants has been poor, and management commentary has seeming implied that they may also be looking to reduce store count. It should also be pointed out that many tenants have a clause in their lease to reduce rents should an anchor close a store. Thus, even though the loss of rent due to an anchor closing is minimal, the knock-on effect of reduced rents from the remaining tenants is a serious concern for the REITs. One of the other problems that shopping mall REITs face is that the size that the large department stores take up is more than 400 million square feet. The largest and most successfully specialty retailer is TJ Maxx which currently has 100 million square feet. It is difficult to see any single retailer quickly being able to fill the space made vacant by department store closures. Back in the lead up to the financial crisis we found that the share prices of REITs and their tenants were very closely related. Recently we have seen tenants share price weaken again, but REITS remain relatively strong. Investors are advised to exercise caution with the shopping mall REITs

01 января, 19:01

Shanghai a magnet for foreign cash

FOREIGN direct investment in Shanghai, expanding over the past 17 years, surpassed US$18.5 billion last year, the Shanghai Commission of Commerce said yesterday. That represents an annual increase of

07 декабря 2016, 19:01

Shanghai is HQ for another 33 MNCs

ANOTHER 33 multinational companies, including SAP, CapitaLand and Shui On, were awarded certificates yesterday for setting up their regional headquarters in Shanghai. Shanghai was home to the regional

07 декабря 2016, 10:41

BMW teams up with CapitalLand on more use of electric cars

GERMAN automobile and motorcycle manufacturer BMW Group and Singapore real estate company CapitaLand held a cooperation signing ceremony on electric-car charging (ChargeNow) in Shanghai yesterday. According

Выбор редакции
21 октября 2016, 14:29

BRIEF-Capitaland signs MOU with ride-hailing company Grab

* Grab and co signed mou to foster online and offline collaboration between real estate and mobile technologies

Выбор редакции
13 августа 2015, 13:15

Singapore stocks higher at close of trade; FTSE Straits Times Singapore up 1.24%

Singapore stocks were higher after the close on Thursday, as gains in the Telecoms, Financials and Oil&Gas sectors led shares higher. At the close in Singapore, the FTSE Straits Times Singapore added 1.24%. The best performers of the session on the FTSE Straits Times Singapore were Golden Agri-Resources Ltd (SIN:GAGR), which rose 4.92% or 0.015 points to trade at 0.320 at the close. Meanwhile, Capitaland Limited (SIN:CATL) added 4.26% or 0.13 points to end at 3.18 and City Developments Limited (SIN:CTDM) was up 3.18% or 0.28 points to 9.08 in late trade. The worst performers of the session were Genting Singapore Plc (SIN:GENS), which fell 2.48% or 0.020 points to trade at 0.785 at the close. Thai Beverage Public Co Ltd (SIN:TBEV) declined 1.31% or 0.010 points to end at 0.755 and Noble Group Limited (SIN:NOBG) was down 0.99% or 0.005 points to 0.500. Rising stocks outnumbered declining ones on the Singapore Stock Exchange by 246 to 194 and 41 ended unchanged. Shares in Genting Singapore Plc (SIN:GENS) fell to 5-year lows; losing 2.48% or 0.020 to 0.785. Crude oil for September delivery was up 0.38% or 0.17 to $43.47 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October rose 0.98% or 0.49 to hit $50.67 a barrel, while the December Gold contract fell 0.59% or 6.60 to trade at $1117.00 a troy ounce. USD/SGD was unchanged 0.00% to 1.3988, while EUR/SGD fell 0.40% to 1.5545. The US Dollar Index was up 0.31% at 96.58.

Выбор редакции
07 августа 2015, 02:40

VIDEO: CapitaLand braces for slowing China

Singapore-based property developer CapitaLand's revenue jumped 18% thanks largely to Chinese property - but could slower growth in China spell trouble?

04 августа 2015, 13:15

Singapore stocks lower at close of trade; FTSE Straits Times Singapore down 0.21%

Singapore stocks were lower after the close on Tuesday, as losses in the Technology, Industrials and Consumer Goods sectors led shares lower. At the close in Singapore, the FTSE Straits Times Singapore declined 0.21% to hit a new 6-months low. The best performers of the session on the FTSE Straits Times Singapore were Noble Group Limited (SIN:NOBG), which rose 27.66% or 0.130 points to trade at 0.600 at the close. Meanwhile, Golden Agri-Resources Ltd (SIN:GAGR) added 3.23% or 0.010 points to end at 0.320 and Sembcorp Industries Ltd (SIN:SCIL) was up 2.98% or 0.10 points to 3.46 in late trade. The worst performers of the session were Jardine Matheson Hldgs Ltd (SIN:JARD), which fell 4.55% or 2.46 points to trade at 51.59 at the close. Jardine Strategic Hldgs Ltd (SIN:JSH) declined 2.28% or 0.69 points to end at 29.61 and Capitaland Limited (SIN:CATL) was down 1.85% or 0.06 points to 3.18. Rising stocks outnumbered declining ones on the Singapore Stock Exchange by 223 to 220 and 36 ended unchanged. Shares in Jardine Matheson Hldgs Ltd (SIN:JARD) fell to 52-week lows; losing 4.55% or 2.46 to 51.59. Shares in Jardine Strategic Hldgs Ltd (SIN:JSH) fell to 3-years lows; falling 2.28% or 0.69 to 29.61. Crude oil for September delivery was up 1.65% or 0.74 to $45.91 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September rose 1.66% or 0.82 to hit $50.34 a barrel, while the December Gold contract rose 0.28% or 3.00 to trade at $1092.40 a troy ounce. USD/SGD was down 0.15% to 1.3762, while EUR/SGD rose 0.12% to 1.5110. The US Dollar Index was down 0.21% at 97.39.

21 июля 2015, 13:15

Singapore stocks higher at close of trade; Singapore Straits Time up 0.02%

Singapore stocks were higher after the close on Tuesday, as gains in the Basic Materials, Telecoms and Healthcare sectors led shares higher. At the close in Singapore, the Singapore Straits Time added 0.02% to hit a new 1-month high. The best performers of the session on the Singapore Straits Time were CapitaMall Trust (SIN:CMLT), which rose 1.40% or 0.030 points to trade at 2.180 at the close. Meanwhile, Singapore Tech Engineering Ltd (SIN:STEG) added 0.88% or 0.03 points to end at 3.44 and Capitaland Limited (SIN:CATL) was up 0.87% or 0.03 points to 3.49 in late trade. The worst performers of the session were Noble Group Limited (SIN:NOBG), which fell 2.21% or 0.015 points to trade at 0.665 at the close. Genting Singapore Plc (SIN:GENS) declined 2.15% or 0.020 points to end at 0.910 and Jardine Cycle&Carriage Ltd (SIN:JCYC) was down 1.92% or 0.61 points to 31.09. Rising stocks outnumbered declining ones on the Singapore Stock Exchange by 252 to 210 and 43 ended unchanged. Crude oil for September delivery was down 0.15% or 0.07 to $50.37 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September fell 0.11% or 0.06 to hit $56.59 a barrel, while the August Gold contract fell 0.13% or 1.40 to trade at $1105.40 a troy ounce. USD/SGD was down 0.24% to 1.3674, while EUR/SGD rose 0.05% to 1.4845. The US Dollar Index was down 0.16% at 98.03.

16 июля 2015, 13:15

Singapore stocks higher at close of trade; Singapore Straits Time up 0.41%

Singapore stocks were higher after the close on Thursday, as gains in the Healthcare, Basic Materials and Real Estate Holdings&Development sectors led shares higher. At the close in Singapore, the Singapore Straits Time added 0.41% to hit a new 1-month high. The best performers of the session on the Singapore Straits Time were Singapore Exchange Ltd (SIN:SGXL), which rose 2.08% or 0.17 points to trade at 8.35 at the close. Meanwhile, Oversea-Chinese Banking Corp (SIN:OCBC) added 1.27% or 0.13 points to end at 10.33 and Capitaland Limited (SIN:CATL) was up 1.18% or 0.04 points to 3.44 in late trade. The worst performers of the session were Noble Group Limited (SIN:NOBG), which fell 1.47% or 0.010 points to trade at 0.670 at the close. Golden Agri-Resources Ltd (SIN:GAGR) declined 1.32% or 0.005 points to end at 0.375 and Jardine Matheson Hldgs Ltd (SIN:JARD) was down 1.17% or 0.66 points to 55.82. Rising stocks outnumbered declining ones on the Singapore Stock Exchange by 232 to 186 and 52 ended unchanged. Shares in Golden Agri-Resources Ltd (SIN:GAGR) fell to 5-year lows; down 1.32% or 0.005 to 0.375. Crude oil for August delivery was up 0.92% or 0.47 to $51.88 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September rose 1.02% or 0.58 to hit $57.70 a barrel, while the August Gold contract fell 0.34% or 3.90 to trade at $1143.50 a troy ounce. USD/SGD was up 0.13% to 1.3674, while EUR/SGD fell 0.35% to 1.4898. The US Dollar Index was up 0.37% at 97.65.

30 июня 2015, 13:15

Singapore stocks higher at close of trade; Singapore Straits Time up 1.23%

Singapore stocks were higher after the close on Tuesday, as gains in the Technology, Telecoms and Real Estate Holdings&Development sectors led shares higher. At the close in Singapore, the Singapore Straits Time rose 1.23%. The best performers of the session on the Singapore Straits Time were Noble Group Limited (SIN:NOBG), which rose 5.56% or 0.040 points to trade at 0.760 at the close. Meanwhile, Capitaland Limited (SIN:CATL) added 2.94% or 0.10 points to end at 3.50 and Jardine Matheson Hldgs Ltd (SIN:JARD) was up 2.62% or 1.45 points to 56.75 in late trade. The worst performers of the session were Genting Singapore Plc (SIN:GENS), which fell 0.56% or 0.005 points to trade at 0.895 at the close. Sembcorp Industries Ltd (SIN:SCIL) declined 0.51% or 0.02 points to end at 3.89 and Jardine Strategic Hldgs Ltd (SIN:JSH) was down 0.39% or 0.12 points to 30.27. Rising stocks outnumbered declining ones on the Singapore Stock Exchange by 262 to 180 and 43 ended unchanged. Shares in Genting Singapore Plc (SIN:GENS) fell to 5-year lows; losing 0.56% or 0.005 to 0.895. Crude oil for August delivery was up 0.61% or 0.35 to $58.69 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August rose 1.23% or 0.76 to hit $62.77 a barrel, while the August Gold contract fell 0.68% or 8.00 to trade at $1171.00 a troy ounce. USD/SGD was up 0.00% to 1.3461, while EUR/SGD fell 0.40% to 1.5065. The US Dollar Index was up 0.27% at 95.34.

Выбор редакции
17 февраля 2015, 12:27

Сингапур: квартальная прибыль CapitaLand увеличилась почти втрое

Крупнейший в Юго-Восточной Азии девелопер CapitaLand зафиксировал почти трехкратный рост прибыли в четвертом квартале, в частности, благодаря возросшему спросу на офисные здания. Так, чистая прибыль составила 409,4 млн сингапурских долларов ($302 млн) по сравнению с 142,6 млн сингапурских долларов годом ранее. Выручка, тем временем, возросла на 67% до 1,5 млрд сингапурских долларов.

Выбор редакции
23 июня 2014, 20:47

New deals help Ascott pass home milestone

ASCOTT, the wholly-owned serviced residence subsidiary of Singapore’s CapitaLand Ltd, yesterday said it has crossed its milestone of 35,000 apartments globally after clinching four more management contracts

Выбор редакции
23 июня 2014, 11:58

Ascott exceeds milestone of 35,000 apartments

ASCOTT, the wholly owned serviced residence subsidiary of CapitaLand Ltd, announced today it has crossed its milestone of having 35,000 apartment units globally, after securing four more management contracts

Выбор редакции
17 апреля 2014, 15:26

Shares of Singapore's CapitaMalls surge 22 percent after offer from CapitaLand

SINGAPORE (Reuters) - Shares of CapitaMalls Asia surged as much as 22 percent after Southeast Asia's biggest property developer CapitaLand Ltd offered to buy out minority shareholders in the...

Выбор редакции
15 апреля 2014, 06:50

Shares of Singapore's CapitaMalls surge 22 percentt after offer from CapitaLand

SINGAPORE (Reuters) - Shares of CapitaMalls Asia surged as much as 22 percent after Southeast Asia's biggest property developer CapitaLand Ltd offered to buy out minority shareholders in the...

Выбор редакции
14 апреля 2014, 15:24

Сингапур: CapitaLand планирует приобрести 34,7% акций CapitaMalls за $2,4 млрд

Крупнейший в Юго-Восточной Азии девелопер CapitaLand планирует приобрести оставшийся пакет не принадлежащих ему акций подразделения CapitaMalls Asia в размере 34,7% за S$3,06 млрд ($2,4 млрд). Так, в рамках данной сделки CapitaLand заплатит S$2,22 за каждую бумагу CapitaMalls, что на 23% выше цены их закрытия в пятницу, 11 апреля.

Выбор редакции
14 апреля 2014, 11:29

Сингапур: CapitaLand планирует приобрести 34,7% акций CapitaMalls за $2,4 млрд

Крупнейший в Юго-Восточной Азии девелопер CapitaLand планирует приобрести оставшийся пакет не принадлежащих ему акций подразделения CapitaMalls Asia в размере 34,7% за S$3,06 млрд ($2,4 млрд). Так, в рамках данной сделки CapitaLand заплатит S$2,22 за каждую бумагу CapitaMalls, что на 23% выше цены их закрытия в пятницу, 11 апреля.