CapitaLand's 2Q12 unit sales surprisingly buoyed by Sky Habitat

CapitaLand sold a total of 202 units in 2Q12.

Here's more from OCBC Investment Research:

CAPL announced 2Q12 PATMI of S$385.9m - down 5.1% YoY. Adjusting for revaluations and impairments, we estimate 2Q12 PATMI at S$179.5m, which is broadly in line with our expectations. Top-line for the quarter came in at S$862.5m, climbing 16.5% YoY mostly due to a stronger contribution from residential sales in Singapore, China and Australia and revenues from Japanese shopping malls.

In China, we saw the number of residential units sold jump 218% QoQ to 812 units, from an anemic 189 units in 1Q12, as buyer sentiments rebounded somewhat over the quarter. The Phase 3 of Beaufort in Beijing on 20 May 12 turned in positive numbers with over 61% of units launched already sold.

In Singapore, 202 units were sold in 2Q12 (57 in 1Q12) with most of the increase in QoQ sales due to the Sky Habitat launch in Apr 12. We would speak with management about the results later today and in the meantime, put both our Buy rating and fair value estimate of S$3.25