OTCPK:CPAM.F

Stock Analysis Report

Executive Summary

CapitaLand Limited (CapitaLand) is one of Asia’s largest diversified real estate groups.

Rewards

Trading at 9.2% below its fair value

Earnings have grown 3.8% per year over the past 5 years

Pays a high and reliable dividend of 4.75%

Risk Analysis

Earnings are forecast to decline by an average of -6.4% per year for the next 3 years

Large one-off items impacting financial results

Shareholders have been diluted in the past year



Snowflake Analysis

Established dividend payer and good value.


Similar Companies

Share Price & News

How has CapitaLand Mall Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CPAM.F has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

CPAM.F

1.5%

US REITs

0.06%

US Market


1 Year Return

8.0%

CPAM.F

16.6%

US REITs

19.4%

US Market

Return vs Industry: CPAM.F underperformed the US REITs industry which returned 16.6% over the past year.

Return vs Market: CPAM.F underperformed the US Market which returned 19.4% over the past year.


Shareholder returns

CPAM.FIndustryMarket
7 Day0%1.5%0.06%
30 Day0%4.4%1.1%
90 Day-0.5%7.5%8.9%
1 Year8.0%8.0%21.4%16.6%21.9%19.4%
3 Year32.8%32.8%39.0%21.6%48.9%39.3%
5 Year23.1%23.1%59.5%26.7%71.9%53.1%

Price Volatility Vs. Market

How volatile is CapitaLand Mall Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is CapitaLand Mall Trust undervalued compared to its fair value and its price relative to the market?

9.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CPAM.F ($1.85) is trading below our estimate of fair value ($2.03)

Significantly Below Fair Value: CPAM.F is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: CPAM.F is good value based on its PE Ratio (13.3x) compared to the REITs industry average (36.6x).

PE vs Market: CPAM.F is good value based on its PE Ratio (13.3x) compared to the US market (18.3x).


Price to Earnings Growth Ratio

PEG Ratio: CPAM.F's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: CPAM.F is good value based on its PB Ratio (1.2x) compared to the US REITs industry average (2.1x).


Next Steps

Future Growth

How is CapitaLand Mall Trust forecast to perform in the next 1 to 3 years based on estimates from 14 analysts?

-6.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CPAM.F's earnings are forecast to decline over the next 3 years (-6.4% per year).

Earnings vs Market: CPAM.F's earnings are forecast to decline over the next 3 years (-6.4% per year).

High Growth Earnings: CPAM.F's earnings are forecast to decline over the next 3 years.

Revenue vs Market: CPAM.F's revenue (3% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: CPAM.F's revenue (3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CPAM.F's Return on Equity is forecast to be low in 3 years time (6.4%).


Next Steps

Past Performance

How has CapitaLand Mall Trust performed over the past 5 years?

3.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CPAM.F has a large one-off gain of SGD215.1M impacting its December 31 2019 financial results.

Growing Profit Margin: CPAM.F's current net profit margins (88.6%) are lower than last year (97%).


Past Earnings Growth Analysis

Earnings Trend: CPAM.F's earnings have grown by 3.8% per year over the past 5 years.

Accelerating Growth: CPAM.F's earnings growth over the past year (3%) is below its 5-year average (3.8% per year).

Earnings vs Industry: CPAM.F earnings growth over the past year (3%) underperformed the REITs industry 8.2%.


Return on Equity

High ROE: CPAM.F's Return on Equity (9%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is CapitaLand Mall Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: CPAM.F has a high level of physical assets or inventory.

Debt Coverage by Assets: CPAM.F's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: CPAM.F's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if CPAM.F has a sufficient allowance for bad loans.

Low Risk Liabilities: CPAM.F reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if CPAM.F has an acceptable proportion of non-loan assets held.

Low Risk Deposits: CPAM.F has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if CPAM.F has an appropriate level of bad loans.


Next Steps

Dividend

What is CapitaLand Mall Trust's current dividend yield, its reliability and sustainability?

4.75%

Current Dividend Yield


Dividend Yield vs Market

company4.8%marketbottom25%1.4%markettop25%3.7%industryaverage3.5%forecastin3Years5.1%

Current dividend yield vs market & industry

Notable Dividend: CPAM.F's dividend (4.75%) is higher than the bottom 25% of dividend payers in the US market (1.43%).

High Dividend: CPAM.F's dividend (4.75%) is in the top 25% of dividend payers in the US market (3.7%)


Stability and Growth of Payments

Stable Dividend: CPAM.F's dividends per share have been stable in the past 10 years.

Growing Dividend: CPAM.F's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (75.1%), CPAM.F's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CPAM.F's dividends in 3 years are forecast to be thoroughly covered by earnings (0.03% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.4yrs

Average management tenure


CEO

Tony Tan (52yo)

2.8yrs

Tenure

0

Mr. Tee Hieong Tan, also known as Tony, has been Chief Executive Officer and Executive Non-Independent Director of CapitaLand Mall Trust Management Limited since May 1, 2017. He served as Chief Executive O ...


Leadership Team

NamePositionTenureCompensationOwnership
Tee Hieong Tan
CEO & Executive Non-Independent Director of Capitaland Mall Trust Management Limited2.8yrsno data0.0016% SGD106.2k
Cindy Sze Yung
Head of Finance1.1yrsno datano data
Jacqueline Lee
Head of Investment & Asset Management - Capitaland Mall Trust Management Limited0yrsno datano data
Mun Wah Lo
Vice President of Investor Relations - CapitaLand Mall Trust Management Limited2.1yrsno datano data
Teresa Teow
Head of Retail Mgmt for Singapore & Director - CapitaLand Mall Trust Mgmt Ltd 2.9yrsno datano data
Chee Seng Pang
Dy GM & Head of Property Mgmt - Capitamall Trust Mgmt Ltd - Mngr0yrsno datano data
Keng Looi
Head of Asset Management - CapitaLand Mall Trust Management Limited0yrsno datano data
Jason Loy
Head of Operations for Singapore - Capitaland Mall Trust Management Limited0yrsno datano data
Cindy Peh
Head of Leasing for Singapore - CapitaLand Mall Trust Management Limited0yrsno datano data
Steve Ng
Head of Marketing Communications for Singapore - Capitaland Mall Trust Management Limited0yrsno datano data

2.4yrs

Average Tenure

Experienced Management: CPAM.F's management team is considered experienced (2.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Tee Hieong Tan
CEO & Executive Non-Independent Director of Capitaland Mall Trust Management Limited2.8yrsno data0.0016% SGD106.2k
Kwok Fong
Non-Executive Independent Director of Capitaland Mall Trust Management Limited7.3yrsS$80.00k0.0012% SGD82.1k
Chee Gay
Non-Executive Independent Director of Capitaland Mall Trust Management Limited7.3yrsS$80.00k0.0012% SGD81.5k
Kian Chew Tan
Non-Executive Non-Independent Director of Capitaland Mall Trust Management Limited9.8yrsS$55.00k0.0041% SGD271.8k
Neng Tong Yap
Non-Executive Non-Independent Director1.1yrsno data0.0017% SGD114.2k
Juan Thong Leow
Non-Executive Non-Independent Director of Capitaland Mall Trust Management Limited5.2yrsno data0.00054% SGD36.1k
Chee Khern Ng
Non-Executive Independent Director of Capitaland Mall Trust Management Limited7.7yrsS$53.00kno data
Khai Fatt Lee
Non-Executive Independent Director of Capitaland Mall Trust Management Limited7.3yrsS$105.00k0.0016% SGD108.8k
Swee Teo
Chairman of Capitaland Mall Trust Management Limited0.8yrsno datano data

7.3yrs

Average Tenure

57.5yo

Average Age

Experienced Board: CPAM.F's board of directors are considered experienced (7.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 3.4%.


Top Shareholders

Company Information

CapitaLand Mall Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: CapitaLand Mall Trust
  • Ticker: CPAM.F
  • Exchange: OTCPK
  • Founded: 2001
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: S$9.296b
  • Listing Market Cap: S$6.678b
  • Shares outstanding: 3.69b
  • Website: https://www.cmt.com.sg

Location

  • CapitaLand Mall Trust
  • 168 Robinson Road
  • No. 30-01 Capital Tower
  • Singapore
  • 68912
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
C38USGX (Singapore Exchange)YesTrust UnitsSGSGDJul 2002
M3TDB (Deutsche Boerse AG)YesTrust UnitsDEEURJul 2002
CPAM.FOTCPK (Pink Sheets LLC)YesTrust UnitsUSUSDJul 2002

Biography

CapitaLand Limited (CapitaLand) is one of Asia’s largest diversified real estate groups. Headquartered and listed in Singapore, it owns and manages a global portfolio worth S$131.7 billion as at 30 September 2019. CapitaLand’s portfolio spans across diversified real estate classes which includes commercial, retail; business park, industrial and logistics; integrated development, urban development; as well as lodging and residential. With a presence across more than 200 cities in over 30 countries, the Group focuses on Singapore and China as its core markets, while it continues to expand in markets such as India, Vietnam, Australia, Europe and the USA. CapitaLand has one of the largest real estate investment management businesses globally. It manages seven listed real estate investment trusts (REITs) and business trusts as well as over 20 private funds. Since it pioneered REITs in Singapore with the listing of CapitaLand Mall Trust in 2002, CapitaLand’s REITs and business trusts have expanded to include Ascendas Real Estate Investment Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust, Ascendas India Trust and CapitaLand Malaysia Mall Trust. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/19 01:13
End of Day Share Price2019/12/11 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.