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tata@iiflcap.com

Singapore - Real Estate

4

Figure 5:  CAPL change in net profit 

(S$m)  FY09A FY10ii FY11ii FY12ii

New net profit (excl exceptionals)   647 801 1,096 971

Growth %  24% 37% ‐11%

Old net profit (excl exceptionals)  647  783  1,053  946 

Change %  0.0% 2.3% 4.1% 2.6% 

Source:  IIFL Research 

Figure 6:  CMA change in net profit 

(S$m)  FY09A FY10ii FY11ii FY12ii

New net

 profit

 (excl

 exceptionals)

 211 310 261 221

Growth %  47% ‐16% ‐15%

Old net profit (excl exceptionals)  211  310  260  216 

Change %  0.0% 0.0% 0.3% 2.5% 

Source: Company, IIFL Research 

Prefer lagging Singapore residential and retail plays: We continueto like Singapore residential plays such as Allgreen, Wing Tai, and SC

Global. We stay neutral on office plays such as CapitaCommercial Trustand K-REIT for the time being, as oversupply issues will overshadowoffice sector demand in 2011. We also like stable retail plays such asCapitaMall Trust for its 5% FY10-12ii growth and 5% FY11ii yield. Weretain REDUCE on CAPL and Keppel Land given its China residential andoffice exposure, respectively.

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