AmFraser on 10 Oct 2012
CapitaLand Ltd (CapLand) announced that Lim Ming Yan will be succeeding Liew Mun Leong as group president and CEO of the group from Jan 1.
Currently CapLand's chief operating officer (COO) and deputy chairman of the company's China executive committee, he is no stranger to the group, having helmed its business in China from 2000 to 2009 before turning his focus towards CapLand's serviced residences (Ascott).
In an earlier note, we had said the new candidate was likely to come from within the ranks. The market should not have been caught wrong-footed with the choice of candidate. Mr Lim has a proven track record of delivering stellar results in China and Ascott. He is likely to continue CapLand's intensive capital recycling model.
Furthermore, with his hands-on experience in China, he will be much looked to for spearheading CapLand's next phase of growth. We estimate that China will constitute 42 per cent of CapLand's assets as of FY12 forecast, up from 41 per cent in H1 FY2012. . . .CapLand is a diversified property player across different geographies and business segments. We do not think it will be adversely affected by the targeted measures and deem the recent selldown an opportunity to accumulate.
Our RNAV (revalued net asset value) estimates stand at $3.61/share. We maintain our "buy" rating with fair value at parity to our RNAV estimates.
BUY
BUY
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