CapitaLand (CAPL) reported 3Q13 PATMI of S$135.5m which decreased 8.7% YoY mostly due to lower portfolio gains recognized over the quarter.
We judge this to be within expectations as 9M13 PATMI now cumulates to S$706.9m which constitutes 80.3% of our full year forecast. 3Q13 topline came in at S$1047.1m, up 52.5% YoY mainly due to stronger contributions from development projects and higher rental revenue from retail malls, which is again broadly in line with our forecast; 9M13 revenues of S$2892.3m form 73.0% of our FY13 estimates.
The group sold an impressive 1151 residential home units in Singapore over 9M13 versus 329 units in 9M12, and we continue to be positive on management’s focus on realistic pricing and moving units in the pipeline. Residential sales in China continued the firm rate of sales seen over the year so far with 2398 homes sold in 9M13 versus 1978 homes in 9M12.
Maintain BUY with an unchanged fair value estimate of S$3.77.
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